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October 2, 2015

Developer to appeal $2.3M judgment

TACOMA (AP) — A developer plans to appeal a $2.3 million judgment awarded to an investor.

The News Tribune reports (http://bit.ly/1JGDwau) jurors decided last week that developer Mike Cohen misrepresented or omitted information to William Newcomer and was liable for damages.

The developer said in court that investors in the Apex luxury apartment and condominium project lost money due to the Great Recession. His son and family business legal adviser says he's confident a judge or appeal will reverse the verdict.

A hearing is set for Oct. 9.

Cohen was a main force behind the Point Ruston real estate development.

Newcomer says Cohen lent money from Point Ruston to the Apex project at up to 20 percent interest. He also said Cohen failed in his stated agreement to match Newcomer's investment in Apex.




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