The Pennsylvania Superior Court overturned a $30 million verdict against Prudential Realty, ruling that an offer letter was not enforceable as a binding contract. The court, led by Judge James R. Cavanaugh, said the sellers -- Prudential, CB Commercial Real Estate Group and its agent Douglas Joseph -- were entitled to a judgment notwithstanding the verdict.
March 06, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A binding contract for the sale of Bala Plaza in Montgomery County did not exist between GMH Associates and The Prudential Realty Group, the Superior Court has ruled, overturning a $30.34 million verdict.
The appeals court said Delaware County Common Pleas Court Judge Kenneth A. Clouse was wrong to award $20 million in lost profits and $10 million in punitives to buyer GMH.
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