The Henderson Square Condominium Association v. LAB Homes, L.L.C.

(Court opinion corrected 3/25/14.) Condo association and its board of managers filed complaint arising from sale of condo units by defendant developers. Court improperly dismissed complaint, as Plaintiffs adequately pled causes of action, and questions of fact remain. Plaintiffs alleged that Defendants knew, at time of transfer, that extensive repairs were needed to remedy alleged inferior construction, and that Defendants did not reasonably budget for repairs; thus trier of fact must determine whether amount of reserves in place at time of transfer was reasonable, and Plaintiffs adequately pled breach of fiduciary duty. and damages. Section 13-72-030 of Chicago Municipal Code is a separate cause of action that Plaintiffs may file, and does not apply only to preexisting facts. If Defendants fraudulently concealed falseness of their representations made pursuant to that Section, then statute of repose is tolled. (TAYLOR, concurring; PALMER, specially concurring.)