Bernhard Law Firm has filed a Miami lawsuit for breach of joint venture agreements and breach of fiduciary duties on behalf of a French investment pool against a Miami group of real estate entities and managers. If you have questions about joint ventures, business and real estate investment, breach of contract, fiduciary duties in business and real estate investments, and compliance with Florida and federal law, please contact Andrew Bernhard and Bernhard Law Firm at abernhard@bernhardlawfirm.com, 786-566-1969, www.bernhardlawfirm.com.

In C.P. LLC v. B.P. P.A., et al., Bernhard Law Firm filed an action for breach of contract and the implied covenant of good faith and fair dealing, breach of fiduciary duties, and declaratory relief. As garnered from the lawsuit’s pleadings:

“This is the Pool’s action for breach of a joint venture agreement to flip real property in Coral Gables, against joint venturer P. and his alter egos BPPA, P. LLC, and C.R. LLC. In 2013 the Pool and BPPA entered the joint venture agreement, under which the Pool provided capital, BPPA provided work, and the parties would split net profits. BPPA assumed fiduciary duties to the Pool for the project. BPPA also promised to obtain written approval before incurring cost or debt, to promptly provide invoices and receipts of all expenses, and to maintain a contemporaneous accounting of all expenses. After the parties bought their first property, P. injected his P. LLC and C.R. LLC entities into the venture and demanded significant additional sums be paid to them for undocumented, unapproved, and wasteful expenses. At sale, P. held the closing under ransom until the Pool disbursed additional sums to him, BPPA, P. LLC, and C.R. LLC. The Pool seeks to recoup these misappropriated and wasted funds.”

If you have questions about joint ventures, business and real estate investment, breach of contract, fiduciary duties in business and real estate investments, and compliance with Florida and federal law, please contact Andrew Bernhard and Bernhard Law Firm at abernhard@bernhardlawfirm.com, 786-566-1969, www.bernhardlawfirm.com.

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