Citigroup Inc. won a judgment allowing it to collect $85.7 million from the billionaire real estate developer Sheldon H. Solow.
New York State Supreme Court Justice Bernard Fried said Thursday that he was granting Citigroup's request for summary judgment, or a verdict before trial. A dispute about Citigroup's claims for fees and damages will be sent to a referee, Fried said in a ruling from the bench.
Citibank NA sued Solow in 2008, saying he failed to make payments on a $503 million line of credit it provided to develop a site in New York along the East River. In an answer to the complaint, Solow said the bank rebuffed his offer to provide more collateral. Instead, Citigroup sold the initial collateral for millions of dollars less than fair market value, Solow said in court documents.