LOS ANGELES-A U.S. District Court has ruled that developer Alan Casden does not owe money to a former partner in a dispute over an alleged loan default.
The U.S. District Court for the Southern District of New York decided that Casden does not owe $12 million to Madeleine LLC, a subsidiary of Cerberus Partners LP. The suit is part of a long breakup between the former partners.
The case dates to 2002, when a joint venture between Madeleine, Casden Properties LLC and Denver's Apartment Investment and Management Co. Inc. agreed on a complex joint venture deal. Casden allegedly agreed to give up proceeds from half of his 20% stake in the joint venture in exchange for a $25-million loan.
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