Would a reputable national bank decide to loan millions of dollars to an Oakland redevelopment project with no other intention than to sabotage the deal, foreclose on the properties and profit from the newly bustling downtown center on its own?
That’s what San Francisco attorney E. Robert (Bob) Wallach and a team from Los Angeles’ Tuttle & Taylor allege in a multimillion-dollar civil action against Citicorp involving a redevelopment project called Old Oakland. Plaintiffs are seeking compensatory damages of more than $80 million. Punitive damages could be millions more.
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