Nordstrom 2001 Annual Report Download - page 37

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20200324 NORDSTROM
2001 Annual Report • VERSION
8.375 x 10.875 • SCITEX • 175 lpi • Kodak 80# Cougar
Notes to Consolidated Financial Statements
NORDSTROM INC. AND SUBSIDIARIES 35
Washington Public Trust Advocates. In early 2002, the Company
was named as one of 30 defendants in Washington Public Trust
Advocates, ex rel., et al. v. City of Spokane, et al., filed in the
Spokane County Superior Court, State of Washington. Plaintiff is
a not-for-profit corporation bringing claims on behalf of the City of
Spokane and the Spokane Parking Public Development Authority.
The claims relate to the River Park Square Mall and Garage Project
in Spokane, Washington (the “Project”), which includes a
Nordstrom store. The portion of the complaint applicable to the
Company seeks to recover from the Company the amount of a
Department of Housing and Urban Development loan made to
the developer of the Project. Damages are sought in the amount
of $22.75 million, or a lesser amount to the extent that the HUD
loan proceeds were used for the construction of the store and not
as tenant improvements. Other portions of the complaint seek
to invalidate bonds issued to finance the public parking garage
serving the Project, terminate the lease of the parking garage
by the City of Spokane, and rescind other agreements between
the City of Spokane and the developer of the Project, as well
as damages from the developer of the Project in unspecified
amounts. The Complaint also alleges breach of fiduciary duties
by various defendants, including the Company, to the people
of the City of Spokane regarding lack of disclosures concerning
the developer and the Project. Unspecified damages are sought
for this cause of action. The lawsuit was recently filed, the
Company has not answered, and no discovery has commenced.
Other. The Company is also subject to other ordinary routine
litigation incidental to its business and with respect to which
no material liability is expected.