Malpractice suit involving Plantation Fashion Mall dismissed

Chinese firm had alleged that Becker & Poliakoff was part of reason it lost more than $140M on the failed development

Miami /
Oct.October 10, 2017 01:30 PM

Chinese conglomerate Tangshan Ganglu Iron & Steel Co. Ltd. and Fort Lauderdale-based law-firm Becker & Poliakoff have filed a joint stipulation, dismissing a year-long case involving the Plantation Fashion Mall, according to the Daily Business Review.

Tangshan and its founder Zheng Zheng Du hoped to redevelop the Plantation mall, but lost the property during a bankruptcy auction in March 2015. The firm filed suit a year later alleging that Becker & Poliakoff was part of the reason the Chinese firm lost upwards of $140 million on the failed redevelopment.

At the center of the suit, Becker & Poliakoff allegedly filed a document with a forged signature from Du that gave its minority partner, Weng Chen, control of the project. Cheng managed the mall’s three controlling entities. Tangshan owned a 99 percent interest in the entities.

Becker & Poliakoff, however, claimed it never represented the company, the Review reported. The Fort Lauderdale law firm said, at the time that the suit was an attempt by Tangshen to recoup some of its millions lost during the bankruptcy case.

The parties are now walking away from what was a $160 million lawsuit. Each side agreed it would cover its own legal fees and costs, according to the Review.

The property is part of a $350 million Plantation Walk mixed-use project being developed by the Falcone Group. Falcone’s Encore Capital Management paid $37.7 million for the 32-acre complex at 321 North University Drive. The project is slated to be completed in 2021. [DBR]Amanda Rabines


Related Articles

arrow_forward_ios
Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)
Thor Equities sued over alleged unpaid loan on Stefano Ricci Miami Design District store
Thor Equities sued over alleged unpaid loan on Stefano Ricci Miami Design District store
Gil Dezer and renderings of the project (Getty; Renderings via Zyscovich Architects)
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
Jeffrey Soffer and Turnberry Isle Yacht and Racquet Club
Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs
Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs
An Altmed Müv dispensary in Apollo Beach (Altmed, iStock)
Miami Beach faces new legal challenges over medical marijuana restrictions
Miami Beach faces new legal challenges over medical marijuana restrictions
901 Euclid Avenue (Google Maps)
Short-term rental investor sues Miami Beach, seeks class action
Short-term rental investor sues Miami Beach, seeks class action
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)
Aventura office condo owners allege construction defects at Beacon Tower
Aventura office condo owners allege construction defects at Beacon Tower
Triton Center (iStock)
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...