LOS ANGELES (Legal Newsline) - Customers and a business are suing a California land and title company, alleging it wrongfully paid commissions.
Dennis Dierenfield, William B. Gilmer, NNN 1818 Market Street 13 LLC, and Tye Wynfield, individually and for all others similarly situated, filed a class action lawsuit April 28 in
U.S. District Court for the Central District of California
against Commonwealth Land Title Company and Does 1-50, alleging breach of escrow contract, breach of statutory and fiduciary duties, constructive fraud, negligent, and violations of the California Business & Professions Code.
On Feb. 26, 2006, the plaintiffs and the class members acquired a million-square-foot office property at 1818 Market St. in Philadelphia, the suit says. They acquired the property as tenants in common holding undivided fractional interests, according to the suit.
The complaint says Commonwealth Land Title Company, the escrow company for the plaintiffs and the property, wrongfully paid approximately $5.9 million of commissions to an unlicensed real estate broker from the plaintiffs' funds in escrow, including a down payment and first and second mortgage secured financing, for a combined total of $182,948,164.33.
The plaintiffs and others in the class seek a jury trial, recovery of damages and interest for a total of approximately $11.8 million, attorney fees and costs of the suit. They are represented by attorney Kenneth J. Catanzarite of Catanzarite Law Corporation in Anaheim, California.
U.S. District Court for the Central District of California Case number 8:16-CV-00799-RGK-JC