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Developers Win Taken Away By Courts

A state appellate court has thrown out nearly all of a 41-point-8 million dollar jury verdict that two Marin County developers had won against Citicorp.

Brothers Richard and Glenn Storek had successfully argued that the financial giant defrauded them of the loan funds they needed to finish a historic restoration project in Oakland.

But on Thursday, a three-judge court of appeals panel overturned the whopping sum that a jury awarded the brothers in June 2000.

The jury had found that when Citicorp withheld some of the loan, the project floundered and the brothers suffered severe financial problems.

But the appeals court overturned that ruling, saying there was no evidence that the lender´s alleged fraud caused the developers´ losses.