Arnold “Buff” Chace - 23 Who Made a Difference in RI in 2023
GoLocalProv Business Team
Arnold “Buff” Chace - 23 Who Made a Difference in RI in 2023
Lawsuit #1
Chace is being sued by a group of family members led by his cousin Malcolm Chace, who alleged that Buff Chace misused tens of millions of dollars in a family trust for personal benefit.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThat lawsuit could go to trial in early 2024 but it has one more hurdle to clear.
In early November, Superior Court Judge Brian Stern heard arguments by Buff Chace's attorney requesting summary judgment on the lawsuit, which can be granted when the facts can be decided upon without needing to go to trial, where the opposing party would lose due to a lack of evidence, according to legal definitions.
That lawsuit was first filed in early 2022.
Presently, Malcolm Chace heads the investment firm Canton Hathaway in Providence. His business partners include Jim Procaccianti, President and CEO of Procaccianti Companies — “a firm that claims more than $10 billion of diversified real estate investments in more than 130 cities across 31 states coast to coast.”
The litigation between the Chace family members may emerge as one of the most extensive trials in Rhode Island's history and rival some of the most notable cases in the state's history.
One major difference between this battle and some of the other notable cases is this is a civil case, and the most notable cases in the state's history have been criminal cases -- murders, political corruption, and more.
The courtroom will be packed with lawyers representing the cadre of factions in the Chace litigation.
Lawsuit #2
In another suit, the Providence City Council is attempting to unwind an agreement between the City of Providence and Buff Chace -- which cleared a critical hurdle in November.
Superior Court Judge Joseph McBurney granted the Council's motion to intervene on November 27.
The city’s internal auditor estimates that the city could recover as much as $42 million.
Attorneys representing the Providence City Council had filed a motion in August to intervene in Providence Superior Court in the case entitled Harrisburg Associates, LLC, et al. v. The City of Providence et al.
The motion is intended to be the first step in a challenge by the City Council to a 2021 Consent Order entered in that case.