Berkowitz, Trager & Trager Sued Over Opinion Tied to Bad $13M Loan
UCF I Trust 1 and a trustee claim the law firm misrepresented the ownership interest of the borrower, which enticed the trust to issue the loan.
August 09, 2017 at 05:41 PM
4 minute read
A Boston-based lender has accused Westport law firm Berkowitz, Trager & Trager of submitting a faulty opinion letter in support of a loan that later defaulted to the tune of $13 million.
In an eight-page complaint filed Aug. 4, UCF I Trust 1 and a trustee claimed Berkowitz Trager misrepresented the ownership interest firm PWSMA 1 held in the borrower. PWSMA 1 was acting as collateral for the loan.
UCFT, a Delaware statutory trust, issued a mezzanine loan to Park Square West Members Associates. A mezzanine loan allows the lender to take an equity or ownership stake in the borrower if they default.
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