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Pres. Trumps Real Estate Problems
Insurer Continental Casualty is refusing to cover any potential fines tied to a recent legal decision against the Trump Organization.
A judge ruled that the former president’s company had pumped almost 20 million gallons of water daily into and out of Trump International Hotel & Tower to and from the Chicago River without a permit.
The state of Illinois brought its case against Trump Org in 2018. In February, a Cook County judge ruled that the skyscraper broke environmental laws. And in June, Continental — a unit of Chicago-based CNA Financial —filed a lawsuit arguing it would not cover any fines stemming from the violations, according to Crain’s.
The river water was used for the building’s cooling and heating systems; the building needed a permit from the state Environmental Protection Agency for its process. The permit is needed so the EPA can assess risk to the fish population in the river. The tower had a permit, but it expired in 2017 and wasn’t renewed, the state alleges.
Boston Real Estate
Former residents of buildings previously owned by the Trump family have filed a lawsuit against President Donald Trump, seeking restitution for a rent overcharge scheme that affected as many as 14,000 tenants over more than a decade.
In the lawsuit, which amended an initial complaint filed in October, the 20 named plaintiffs seek class-action status, the New York Times first reported. A favorable ruling for the tenants could open up the Trump Organization to paying the extra rent, plus interest and treble damages.
