Cosmopolitan of Las Vegas sued by investors claiming their condos being made into hotel rooms
By Ken Ritter, APMonday, July 19, 2010
Cosmopolitan resort sued by condominium investors
LAS VEGAS — Owners of a soon-to-open casino-hotel resort on the Las Vegas Strip are being sued by condominium buyers who allege their residential units aren’t being built after all.
A civil lawsuit filed Monday in Los Angeles alleges Cosmopolitan of Las Vegas owners Deutsche Bank and Nevada Property 1 fraudulently kept escrow deposits paid in 2005 for condos that were to open in early 2008.
The fraud and conversion lawsuit on behalf of three southern California residents comes after they and more than 200 other people sought an injunction in Nevada state court in Las Vegas last week.
It alleges the $3.9 billion Cosmopolitan is turning their condos into hotel rooms.
A spokeswoman for the project developer and Deutsche Bank calls the claims “entirely without merit.”
