Lawsuit Filed Against Deutsche Bank Claims Las Vegas Condo Buyers Deceived

Lawsuit Filed Against Deutsche Bank Claims Las Vegas Condo Buyers Deceived

LOS ANGELES - A lawsuit was filed July 19 in Los Angeles County Superior Court by the law firm Lurie & Park LLC on behalf of three people who placed deposits towards condominiums at the Cosmopolitan of Las Vegas (Wendy Na, et al. v. Deutsche Bank, et al., No. BC441872, Calif. Super., Los Angeles Co.).

The complaint alleges that Deutsche Bank, Nevada Property 1 LLC, Nevada Voteco, LLC, 3700 Associates LLC and KO Realty Group knowingly committed fraud and conversion against the plaintiffs by failing to disclose the Cosmopolitan of Las Vegas' intention to convert the condo-hotel project into a hotel-only development. The Cosmopolitan of Las Vegas has previously settled the claims of approximately 1,500 other purchasers of the condominiums by issuing only partial refunds of their money deposits, despite their intention to convert the project to hotel-only use, Lurie & Park says.

The complaint charges the defendants with fraud - active concealment and suppression of material facts; and conversion. The plaintiffs are seeking compensatory damages, punitive damages, attorneys' fees and costs.

Daniel E. Park of Lurie & Park is lead counsel for the plaintiffs, who live in Los Angeles.

As of the filing of this lawsuit - five months before the Cosmopolitan's announced grand opening - the Cosmopolitan of Las Vegas had not recorded a subdivision map with Clark County showing any condominium units. Clark County's senior planner, who has overseen every major hotel and condominium project on the Las Vegas strip for the last 19 years, believes that the Cosmopolitan will be hotel-only, in accordance with the subdivision map approved in 2008 and all available news reports.