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Developers lose lawsuit vs. IH Miss. Valley CU
DAVENPORT, Iowa (10/12/09)--Two property developers involved in a failed condominium complex lost their $16 million lawsuit against Moline, Ill.-based IH Mississippi Valley CU, on all six counts. The suit was filed by Cypress Point Developments, operated by Niky and Thomas Bowles, after the credit union filed for foreclosure against them. They claimed the credit union wanted out of a $3.5 million loan to develop the complex in Davenport, Iowa, because it had locked in a lower interest rate (News Now Sept. 30). The credit union countered that the Bowleses knew the provisions of the loan called for six-month extensions. But a Scott County District Court judge and jury ruled last week in favor of the credit union (Quad-City Times Oct. 8). The decision now clears the way for the court to determine whether the foreclosure should be placed on the property. Trial judge Mary Howes ruled in favor of the credit union on three of the six counts before the case went to the jury. The jury ruled in favor of the credit union on the final two counts after an eight-day trial and two hours' deliberation. The six counts were: breach of contract, interference with third-party contracts, negligent misrepresentation, fraudulent misrepresentation, breach of fiduciary duties and slander. The condominium project has spawned several lawsuits from contractors, most of whom won. The property has nearly 10 years of lawsuits, land disputes and zoning fights.


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