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Butler Rubin Obtains Dismissal in Rescission Case

Butler Rubin partners Robert Hermes and Andrew Shapiro successfully obtained a dismissal—with prejudice—of a complaint against their client, 180 N. LaSalle II, LLC, in YPI 180 N. LaSalle Owner, LLC v. 180 N. LaSalle II, LLC, 09 CH 6451.  The complaint—filed in the Circuit Court of Cook County, Illinois—sought rescission of a $124 million contract to purchase the property and 38-story office building located at 180 North LaSalle Street in Chicago, Illinois.  The complaint alleged that the recent “once-in-a-century credit tsunami” made it impossible for the buyer to complete the transaction.  Accordingly, the buyer sought to recoup the $6 million in earnest money retained by the seller when the transaction did not close.  The plaintiff has appealed the Court’s order dismissing the case, and Hermes and Shapiro continue to represent the defendant on appeal before the Illinois Appellate Court.