Center Partners Ltd. et al. v. Urban Shopping Centers LP et al.
An Illinois state court found in November 2013 that three real estate investment trusts -- defendants Westfield America Trust, Simon Property Group LP, and The Rouse Company -- had breached their fiduciary duties as general partners following their acquisition of approximately 94% of Urban Shopping Centers LP's portfolio of high-end shopping malls. At the time, the judgment was the largest ever in the history of Illinois and the largest ever breach of fiduciary duty judgment in the United States. In this dispute, limited partners from Urban filed suit in October 2004 claiming that the general partners began to serve their own interests following their takeover of Urban's portfolio, resulting in breach of fiduciary duty, breach of contract, and lost or stolen business and development opportunities.
An Analysis Group team – including Managing Principal Gaurav Jetley, Principal Xinyu Ji, and Vice President Lindsay Greenbaum – was retained by counsel for Urban's limited partners to support academic affiliate and University of Wisconsin, Madison Professor Timothy Riddiough in his analysis of the complex real estate transactions at issue. Professor Riddiough reviewed acquisitions made by the general partners during the time frame in question and identified more than $2.5 billion in corporate opportunities that would have fit within Urban's portfolio of properties. The parties settled on damages following the court's summary judgment.