Storek & Storek, Inc. v. Citicorp Real Estate, Inc.
California Court of Appeal
[Opinion certified for partial publication.*]
1Opinion of the Court
Opinion
STEVENS, J.
This lawsuit arises out of a failed real estate development project. The disappointed investors sued the lender, who had refused to continue financing the project, alleging breach of the implied covenant of good faith and fair dealing and fraud in the inducement of the loan agreement. The jury awarded plaintiffs $900,001 on the contract claim and $40.92 million for fraud. We conclude that the judgment must be reversed.
I. Facts
Three limited partnerships formed and controlled by Glenn and Richard Storek (the Storeks) and collectively referred to as “Old Oakland” undertook a…
2Cases cited16 opinions
- Waller v. Truck Insurance Exchange, Inc.California Supreme Court · 1995
- Parsons v. Bristol Development Co.California Supreme Court · 1965
- Carma Developers (California), Inc. v. Marathon Development California, Inc.California Supreme Court · 1992
- Badie v. Bank of AmericaCalifornia Court of Appeal · 1998
- Price v. Wells Fargo BankCalifornia Court of Appeal · 1989
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3Cited by55 opinions
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- Lueras v. BAC Home Loans Servicing, LPCalifornia Court of Appeal · 2013
- Rockridge Trust v. Wells Fargo, N.A.District Court, N.D. California · 2013
- Avidity Partners v. State of CaliforniaCalifornia Court of Appeal · 2013
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