Citigroup won a judgment allowing it to collect $85.7m from billionaire real-estate developer Sheldon H. Solow.
New York State Supreme Court Justice Bernard Fried said yesterday he was granting Citigroup’s request for summary judgment, or a verdict before trial. A dispute about Citigroup’s claims for fees and damages will be sent to a referee, Fried said in a ruling from the bench.
“I intend to grant Citibank’s summary judgment motion in its entirety,” Fried said.
Citigroup’s Citibank NA unit sued Solow in 2008, saying he failed to make payments on a $503m line of credit it provided to develop a site in New York along the East River.
In an answer to the complaint, Solow said the bank rebuffed his offer to provide more collateral.