David Lerner Wins Dismissal of Investors’ REIT Sale Suit
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David Lerner Associates Inc. won the dismissal of a lawsuit by investors who accused the brokerage of misrepresenting the value and returns of more than $6.8 billion worth of holdings in real estate investment trusts.
Investors in the so-called Apple REITs couldn’t establish that they had suffered a loss because the holdings are still performing, U.S. District Judge Kiyo A. Matsumoto said in an opinion filed yesterday in federal court in Brooklyn, New York. The possibility of changes in value, which occurred when the real estate market slumped, was disclosed to investors, the judge found.