M.H. DAVIDSON & CO. v. C-III ASSET MGT., LLC

6747, 652571/16.

161 A.D.3d 710 (2018)

74 N.Y.S.3d 491

2018 NY Slip Op 03917

M.H. Davidson & Co. et al., Appellants, v. C-III Asset Management, LLC, Respondent, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 31, 2018.


Plaintiffs held commercial mortgage pass-through certificates in a trust, and alleged that defendant, the Special Servicer for the trust, breached the pooling and services agreement (PSA) by manufacturing a default for one of the largest mortgages held by the trust, the Gulf Coast loan, and orchestrating the sale of another defaulted mortgage loan, the Jericho loan, for an artificially low price in exchange for the purchase option for the Gulf Coast loan.

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