A Sarasota, Fla. jury took only a few hours to decide David Band did not defraud his partner in a Cruz Bay waterfront condominium project, the Sarasota Herald Tribune reported. (Read the full story here.)
The attorney/developer was accused of defrauding Harold Libby, a long time friend and associate who argued Band, as his personal attorney, had a duty to warn him of the riskiness of the Grande Bay project.
The jury found that Libby received multiple documents relating to the riskiness of the project and had signed them, later arguing that he hadn't read them.
The still unfinished project continues to grapple with challenges of the economy. Few condo units have been purchased and there are reports that some of the units will now be offered as timeshare units.