Ari-SCC 3, LLC v. Joseph J. Blake & Assocs., Inc.
May 08, 2017OUTCOME: The judgment in favor of Joseph J. Blake & Assocs., Inc. was affirmed.
The gist of the complaint was that 22 plaintiffs invested in property, and certain costs and other information about the investment was allegedly concealed from them. Information that was allegedly hid ... den from plaintiffs was that the Property's anchor tenant, Medtronic, would likely be moving to a new office campus and not renewing its lease. The complaint alleged Joseph J. Blake and Associates, prepared an appraisal of the Property used by LaSalle before lending money to "the ARGUS Defendants." Plaintiffs alleged, "[Blake] aided and abetted the ARGUS Defendants by preparing an appraisal (the 'Appraisal') which reflected a 75 [percent] probability that Medtronic would renew its leases when in fact he/it/they knew the substantial information that Medtronic would not renew for the reasons stated above. The Appraisal was: "a. Known by [Blake] to be disseminated to [P]laintiffs and the Class and intended to be relied upon by them in making the decision to invest in the securities; "b. Used by [LaSalle] in making the loans; and "c. Otherwise used to market and promote the sale of the securities."
