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ARTICLE ID 188992

$________ JUDGMENT INCLUDING ATTORNEY FEES AND COSTS Contract – Breach of fiduciary duty – General partner misuses partnership funds to detriment of limited partner.

Suffolk County, MA

In this breach of contract matter, the plaintiff limited partner alleged that the general partner breached the parties’ agreement regarding the use of refinance proceeds for the parties’ development property. The defendant general partner denied any wrongdoing.

The plaintiff and the defendant were partners in a limited partnership regarding the development of affordable housing. The plaintiff, a limited partner, agreed to refinance the partnership’s property. The defendant general partner used the refinancing proceeds to begin the development of a condominium development on a portion of the property, which was contrary to the agreement between the parties when the plaintiff agreed to refinancing.

The plaintiff brought suit against the general partner alleging breach of the parties’ agreement and breach of the general partner’s fiduciary duty. The parties agreed that the defendant would purchase the plaintiff’s interest in the property for a sum of $________. The defendant failed to complete the buyout. The plaintiff sought to enforce the parties’ agreement for the buyout. The court awarded the plaintiff injunctive relief including freezing the defendant’s interests in the partnership and another partnership. The defendant denied the allegations and disputed the amount of damages alleged.At the conclusion of the matter, the court entered a judgment in favor of the plaintiff in the amount of $________, the amount requested by the plaintiff which represented the difference between the $________ and the fair market value of the property on the date of the breach. In addition, the court awarded the plaintiff counsel fees and costs bringing the total judgment to $________.

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