Recent News About General Mediterranean Holding
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General Mediterranean Holdings, a company owned by billionaire Auchi, says a group of investors can't back their claims to a cut of any profits from the redevelopment of The 78 site in the South Loop.
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An insurance company wants a court to declare it free of obligation to defend a lawyer who stands accused of malpractice by an international real estate development group hit in 2015 with an $18 million jury award to an investor who claimed the group bilked him of millions in a deal with corrupt Illinois campaign financier Tony Rezko.
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Calling the verdict largely “unexceptional,” a federal appeals court has upheld the bulk of a jury’s $23 million verdict against a billionaire and the company he owns, saying the billionaire was at the heart of actions to swindle a former associate of convicted campaign financier Tony Rezko out of millions he should have earned under a contract governing the division of proceeds from the sale of a huge undeveloped South Loop parcel.
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An international real estate development group stung last year by a multi-million dollar jury award to a fellow investor who claimed the group cheated him out of millions in an allegedly underhanded deal with corrupt Illinois campaign financier Tony Rezko has itself filed suit against its former attorney, claiming missteps by the lawyer cost the group $18 million.
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A federal jury has awarded almost $23 million to Semir Sirazi, an investor who claimed an investment group cheated him out of millions of dollars by executing a deal with corrupt Illinois campaign financier Antoin “Tony” Rezko to secretly transfer to them Rezko’s ownership interests in a large South Loop development property, helping Rezko skirt a requirement to repay Sirazi should the property be sold, while gaining access to large amounts of money as legal problems swirled about him.
