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KOL Appointed Co-Lead Counsel on Behalf of Unitholders of the IMH Secured Loan Fund
On June 17, 2010, KOL filed suit in the Delaware Chancery Court on behalf of Unitholders of the IMH Secured Loan Fund charging the defendants with breach of contract for failing to offer contractual appraisal rights to Unitholders who did not vote in favor of the conversion of the Fund to a corporation named IMH Financial Corporation. Other actions asserting breach of fiduciary duty in connection with the conversion were also commenced. By Order dated October 24, 2010, Vice Chancellor Strine consolidated the actions and appointed KOL as one of the two Lead Counsel responsible for prosecuting the action. On December 17, 2010, Plaintiffs filed their Consolidated Complaint asserting claims for breach of fiduciary duty, breach of the obligation of candor, breach of contract and unjust enrichment. On January 31, 2011, Defendants answered certain claims and moved to dismiss certain claims. Plaintiffs are currently in the process of preparing their response to the motion to dismiss.
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