WASHINGTON (dpa-AFX) - NorthStar Realty Finance Corp. (NRF) on Monday said the Court of Appeal of the State of California issued a unanimous decision in NorthStar's favor overturning a judgment against a subsidiary of NorthStar in an amount in excess of $50 million, inclusive of costs.
Albert Tylis, Co-President and Chief Operating Officer said, 'As a result of this decision, we will reverse the $20 million reserve that was previously recorded, receive $26 million of previously restricted cash that we posted as collateral in connection with the appeal and obtain reimbursement of certain costs.'
The company plans to invest this additional cash into the new opportunities.
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