Insight

Adam Leitman Bailey, P.C. Prevails Against Trump Soho on Fraud Claims; Settlement Provides Millions of Dollars to Clients

Adam Leitman Bailey, P.C. Prevails Against Trump Soho on Fraud Claims; Settlement Provides Millions of Dollars to Clients

Adam Leitman Bailey

Adam Leitman Bailey

August 2, 2021 10:48 AM

“They cried “fraud!” — and now, a bunch of well-heeled apartment hunters will get a staggering 90 percent of their deposits back on posh pads they intended to buy at the troubled Trump SoHo condo-hotel because they relied on the developers’ “deceptive” sales figures. In a federal lawsuit settled yesterday, woulda-been buyers of 10 condos — including former French soccer star Olivier Dacourt — will get back 90 percent of $3.16 million (Not part of settlement total number is $5.197) total deposits they put down on $16.914 million worth of David Rockwell-designed luxury apartments, court documents show …

The disgruntled buyers were represented by Adam Leitman Bailey, the lawyer who has won large refunds on deposits for prospective purchasers at other high-profile condo projects.
Bailey said, “We are not superheros — we simply got Trump SoHo to do the right thing in a very difficult case.” – NY Post

As part of the firm’s efforts on behalf of wide range of individuals seeking to revoke or renegotiate their agreements to purchase new construction condominium units, we received a June 2010 filing made with the New York Attorney General from the sponsor of the Trump Soho Hotel Condominium. The filing disclosed that, in contrast to the statements that the sponsor had been making to the press and our clients that more than 60% of the approximately 400 Trump Soho units had been sold, only 62 units (just over 15%) were reported to the Attorney General as sold. In addition, the filing disclosed that the condominium’s staffing levels had been cut more than 25%. Based on this information, and additional investigation, in August 2010 the firm filed a suit on behalf of 15 plaintiffs against the Trump Soho’s sponsor and other individuals and companies involved in developing and marketing the condominium, including Donald Trump. The suit, filed in Manhattan federal district court, alleges that the false statements about Trump Soho sales constituted fraud under the federal securities law, the common law and New York consumer protection statutes. The suit also claims breach of contract entitled the plaintiffs to revoke their contracts and receive a full refund of all downpayments they have deposited.

Adam Leitman Bailey, John Desiderio, and Courtney J. Lerias are the team at Adam Leitman Bailey, P.C. representing plaintiffs from Europe, Asia and the United States.

Trending Articles

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Announcing the 2022 Best Lawyers® in the United States


by Best Lawyers

The results include an elite field of top lawyers listed in the 28th Edition of The Best Lawyers in America® and in the 2nd Edition of Best Lawyers: Ones to Watch in America for 2022.

2022 Best Lawyers Listings for United States

2021 Best Lawyers: The Global Issue


by Best Lawyers

The 2021 Global Issue features top legal talent from the most recent editions of Best Lawyers and Best Lawyers: Ones to Watch worldwide.

2021 Best Lawyers: The Global Issue

The U.S. Best Lawyers Voting Season Is Open


by Best Lawyers

The voting season for the 31st edition of The Best Lawyers in America® and the 5th edition of Best Lawyers: Ones to Watch® in America is officially underway, and we are offering some helpful advice to this year’s voters.

Golden figures of people standing on blue surface connected by white lines

How To Find A Pro Bono Lawyer


by Best Lawyers

Best Lawyers dives into the vital role pro bono lawyers play in ensuring access to justice for all and the transformative impact they have on communities.

Hands joined around a table with phone, paper, pen and glasses

The Best Lawyers in Australia™ 2024 Launch


by Best Lawyers

Best Lawyers is excited to announce The Best Lawyers in Australia™ for 2023, including the top lawyers and law firms from Australia.

Australian Parliament beside water at sunset

How Palworld Is Testing the Limits of Nintendo’s Legal Power


by Gregory Sirico

Many are calling the new game Palworld “Pokémon GO with guns,” noting the games striking similarities. Experts speculate how Nintendo could take legal action.

Animated figures with guns stand on top of creatures

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

Inflation Escalation


by Ashley S. Wagner

Inflation and rising costs are at the forefront of everyone’s mind as we enter 2023. The current volatile market makes it more important than ever to understand the rent escalation clauses in current and future commercial lease agreements.

Suited figure in front of rising market and inflated balloon

The Upcycle Conundrum


by Karen Kreider Gaunt

Laudable or litigious? What you need to know about potential copyright and trademark infringement when repurposing products.

Repurposed Products and Copyright Infringemen

8 Different Types of Criminal Defenses in Law


by Best Lawyers

Learn about the different types of criminal defenses available in law, including innocence, self-defense, insanity and more. Protect your rights today.

Silver handcuffs laying on finger printed papers

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

A Celebration of Excellence: The Best Lawyers in Canada 2024 Awards


by Best Lawyers

As we embark on the 18th edition of The Best Lawyers in Canada™, we are excited to highlight excellence and top legal talent across the country.

Abstract image of red and white Canada flag in triangles

Wage and Overtime Laws for Truck Drivers


by Greg Mansell

For truck drivers nationwide, underpayment and overtime violations are just the beginning of a long list of problems. Below we explore the wages you are entitled to but may not be receiving.

Truck Driver Wage and Overtime Laws in the US

Choosing a Title Company: What a Seller Should Expect


by Roy D. Oppenheim

When it comes to choosing a title company, how much power exactly does a seller have?

Choosing the Title Company As Seller

The 2024 Best Lawyers in Spain™


by Best Lawyers

Best Lawyers is honored to announce the 16th edition of The Best Lawyers in Spain™ and the third edition of Best Lawyers: Ones to Watch in Spain™ for 2024.

Tall buildings and rushing traffic against clouds and sun in sky