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STOREK & STOREK, INC. v. CITICORP REAL ESTATE, INC.

Nos. A092772, A093724.

122 Cal.Rptr.2d 267 (2002)

100 Cal.App.4th 44

STOREK & STOREK, INC., et al., Plaintiffs and Appellants, v. CITICORP REAL ESTATE, INC., Defendant and Appellant. Storek & Storek, Inc., et al. Plaintiffs and Appellants, v. Citicorp Real Estate, Inc., Defendant and Respondent.

Court of Appeals of California, First District, Division Five.

July 15, 2002.

Attorney(s) appearing for the Case

Bien & Summers, Elliot L. Bien, Novato; Joseph R. Grodin; Tuttle & Taylor, Douglas W. Beck, E. Robert Wallach, San Francisco, Marshall W. Krause, San Francisco, for Plaintiffs.

Howard, Rice, Nemerovski, Canady, Falk & Rabkin, Jerome B. Falk, Jr., Steven L. Mayer, Kimberly A. Bliss, San Francisco; Shearman & Sterling, R. Paul Wickes, Amanda J. Gallagher, Adam S. Hakki, Meghan O. Powell, for Defendant.

Certified for Partial Publication.*

STEVENS, J.

This lawsuit arises out of a failed real estate development project. The disappointed investors sued the lender, who had refused to continue financing the project, alleging breach of the implied covenant of good faith and fair dealing and fraud in the inducement of the loan agreement. The jury awarded plaintiffs $900,001 on the contract claim and $40.92 million for fraud. We conclude...

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