SOURCE: Sand Hill Property Company

Sand Hill Property Company

July 27, 2012 14:21 ET

Santa Clara Superior Court Denies Efforts by Wells Fargo and RREEF to Throw Out Sunnyvale Town Center Lawsuit

Decisions Mean Sand Hill Property Co.'s Lawsuit Will Move Forward

REDWOOD SHORES, CA--(Marketwire - Jul 27, 2012) - Sand Hill Property Company, a Silicon Valley real estate developer, today announced that Santa Clara County Superior Court Judge Peter S. Kirwan has denied separate motions brought last week by Wells Fargo Bank and RREEF America REIT III to throw out Sand Hill's lawsuit alleging fraudulent conduct by Wells Fargo and RREEF surrounding the August 2011 foreclosure of the Sunnyvale Town Center project.

In denying the Wells Fargo motion, Judge Kirwan cited that a lender may be liable to a borrower "...for damages sustained where there has been an illegal, fraudulent or willfully oppressive sale of property under a power of sale contained in a mortgage or deed of trust."

Sand Hill has advised the Court that it will seek an early trial date for the case. It remains to be seen if Wells Fargo will cooperate in the effort to move the case toward early resolution or continue to rely on delaying motions and tactics.

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