Partnership Drops $1.5 Million Lawsuit Over Defaulted Loans

A group that alleged loan defaults by countertop and cabinet-maker overseer Third Bench Inc. cost it $1.5 million in damages agreed to drop claims against an owning member for allegedly concealing a disbarred attorney’s involvement in the holding company.

J.P. Carey Limited Partners L.P. and defendant David Fair mutually agreed to let go of allegations or would-be claims and counterclaims, they told Magistrate Judge Kirtan Khalsa of the US District Court for the District of New Mexico. Both the limited partnership—which sued Fair, the attorney David Rees, and Rees’ girlfriend in March—and the remaining defendant, Fair, filed a stipulation ...