1 Day
Source:
The Boston Globe
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Housing developer sues partner over fraud
Copper Mill, a development firm in Boston, is suing investment firms POB Capital and Pactolus over a dispute regarding a 754-unit housing project in Dorchester. The case alleges that the investors attempted to undermine a purchase agreement and shift control of the property, which they originally bought for $56 million and planned to sell to Copper Mill for $67.5 million after securing permits. Copper Mill contends that the investors' actions aim to avoid completing the sale and to instead sell the site at a higher value, delaying the project amid high housing demand. The lawsuit seeks court enforcement of the original sale agreement and damages.
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