Developer Can’t Pursue Lost Profits From Chicago Law Firm

Law360 (June 14, 2021, 5:18 p.m. EDT) – An Illinois real estate developer does not qualify to sue tens of millions of lost profits from a Chicago law firm he has accused of malpractice because that the alleged damages were suffered by a company that did not cede to it the right to sue them, an Illinois appeals court held Friday.

Affirming the summary judgment of a trial court for Levenfeld Pearlstein LLC, the appeals committee agreed that developer David Dubin did not have standing to sue lost profits for two housing projects. He claimed that the company’s misconduct in negotiating with PNC Bank for its loan guarantees for these projects forced a company …

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