Ygrene Energy Fund Inc. today issued the following statement in connection with the positive court ruling issued yesterday by Federal Magistrate Judge Beeler in the Northern District of California.
“On July 26, 2017, the Court granted, in substantial part, Ygrene Energy Fund Inc.’s and Ygrene Energy Fund Florida, LLC’s motion to dismiss Plaintiffs’ First Amended Complaint. The ruling represents a significant victory for Ygrene. The Court dismissed several of Plaintiffs’ claims with prejudice including Plaintiffs’ Consumer Legal Remedies Act claim, holding that the Act does not apply to PACE providers. Also, the Court dismissed Plaintiffs’ Florida tortious-interference claim, and Plaintiffs’ California unjust-enrichment claim with prejudice. Plaintiffs will not be permitted to correct deficiencies in these causes of action.
The Court also dismissed Plaintiffs’ fraud-based claims under Federal Rule of Civil Procedure 9(b), which requires allegations of fraud to be pled with particularity. In doing so, the Court held that Plaintiff failed to plead sufficient facts to support their claims of fraud. The allegations constitute the bulk of Plaintiffs complaint against Ygrene. Plaintiffs must amend their allegations (for the second time) within 30 days to, if possible, provide sufficient additional specific facts to justify their claims of fraud.
The Court did not issue any ruling regarding the likelihood that Plaintiffs would ultimately be able to prove the remaining claims.”
About Ygrene Energy Fund
Ygrene Energy Fund is the nation’s leading provider of residential, multifamily, and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorks program provides immediately accessible financing with no upfront payments for energy efficiency, renewables, water conservation, and, in certain areas, hurricane protection, electric vehicle charging stations, and seismic upgrades. Ygrene is committed to making it easy for property owners to invest in their future and a healthier environment. Over the next five years, YgreneWorks is expected to create tens of thousands of jobs and invest billions of dollars into local economies. Learn more at ygreneworks.com.