In Re Resource Capital Corp. Shareholder Derivative Litigation Demand Refused Actions

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Case overview

Case Number:

1:17-cv-01381

Court:

New York Southern

Nature of Suit:

Stockholders Suits

Multi Party Litigation:

Derivative Litigation

Judge:

Louis L. Stanton

Firms

Companies

Sectors & Industries:

  1. February 26, 2018

    REIT Resource Capital Beats Investor Suit Over $41M Loss

    Resource Capital Corp. is off the hook for claims that directors and officers misled investors about a loan that led to a $41 million loss, with a New York federal court tossing several shareholder suits lodged against the real estate investment trust after its board refused to sue the directors and officers itself.

  2. November 15, 2017

    REIT Investors Defend Suit Over Board Probe Of Loan Loss

    Shareholders of the real estate investment trust Resource Capital Corp. who say the company's board is responsible for a $41 million loss on a loan backed by Puerto Rican hotels urged a New York federal judge on Tuesday not to dismiss their suit, saying that when the board looked into the loss it had a "predetermined outcome" in mind: to let directors off the hook.

  3. September 18, 2017

    REIT Had Reasons Not To Pursue Investor Claims, Judge Told

    Resource Capital Corp. asked a New York federal court Friday to toss a handful of derivative suits alleging the real estate investment trust misled investors over a failed $40 million Puerto Rican loan portfolio, saying the investors haven’t cleared the legal hurdle necessary to bring derivative litigation in the first place.

  4. May 10, 2017

    NY Judge Won't Combine Loan Suits Against REIT

    A New York federal judge has declined to combine three derivative suits accusing directors of Resource Capital Corp. of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015, calling a bid for co-lead counsel unnecessary.

  5. February 24, 2017

    Shareholder Suits Over Loans Keep Piling Up Against REIT

    The directors of Resource Capital Corp. were hit with yet another derivative suit in New York federal court accusing them of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015, with a shareholder alleging Thursday that his demand for the board to investigate was refused.