Beazer agrees to pay as much as $50 million in restitution for mortgage and securities fraud. More
Proposal has not been endorsed by committees representing the company's creditors. More
Investors alleged the Atlanta-based builder knew and failed to disclose that its mortgage origination business was involved in improper lending practices. More
Beazer Homes USA has agreed to settle a group of lawsuits filed by shareholders two years ago in the wake of government investigations into the company's lending practices. The lawsuits, which were filed separately in March 2007 and later combined into one case, accused the company and some of its officers of issuing false and misleading statements regarding the company's business prospects and not disclosing facts the defendants knew related to alleged improper lending practices in its mortgage origination business. They sought class-action status for those who owned company stock between July 27, 2006, and March 27, 2007. Under the terms of the settlement, the case will be dismissed with prejudice, eliminating the possibility of it being filed again. In return, Beazer's insurance company will make a $30.5 million settlement payment if the agreement is approved by the court. More
Lobbying by the state’s builder group helps modify bill's language and gives builders a chance to redraft insurance agreements with contractors. More
Defective drywall is being blamed for copper corrosion and odors. More
In a lawsuit filed late Friday in Miami-Dade County Circuit Court, Lennar claimed it has scientific proof that the drywall installed in a "small percentage of Lennar homes in Florida" is the culprit behind prematurely failing HVAC coils as well as other copper components. More
The bank, which formed a lending syndicate to fund the $557 million purchase from the Bureau of Land Management as well as the property's development, alleges breach of contract by subsidiaries of Beazer Homes USA, KB Home, Meritage Homes, Pardee Homes, Toll Brothers, Weyerhaeuser Real Estate Co., and the Woodside Group. More
Pulte Homes is in the process of making a deal with the New Jersey Clinton Township council to sell 292 acres of its Windy Acres development for $7 million, with the condition that the town purchase the property before year's end; in turn, Pulte will drop a lawsuit against the town that has been ongoing for approximately five years. More
Wachovia siezed property, bought it back on behalf of creditors at auction, and now seeks $358 million in completion guaranties from the original builder partners. More
