Confidential
Settlement – $75,000Court
Ventura Superior
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Robert J. Shubeck
(technical)
Facts
In March 1993, Cross-Complainant/Plaintiff, purchased a single family residence located at 10 Stagecoach Road. During escrow, a landslide occurred affecting the Road and several residences. Within a week of escrow, the County of Ventura red-tagged Plaintiff's house as uninhabitable. In September 1993, several homeowners sued other homeowners, including Plaintiff, and the association for damages and indemnity. Plaintiff complained against the bank for fraud and rescission alleging that the landslide adversely affected her residence. The homeowners of Bell Canyon alleged that the Bell Canyon Association failed to properly maintain Stagecoach Road, which was ultimately damaged along with several homes as a result of a hillside failure.
Settlement Discussions
Plaintiff demanded $450,000.
Other Information
First National Bank of Chicago acted as agent for Residential Funding Corporation, the REO seller of 10 Stagecoach Road. During the desposition of a key ex-employee of Residential Funding Corporation, the witness admitted that she had been fired by RFC because she had surreptitiously purchased a residence from FRC without disclosing her interest in the property to her employer. It was this same witness whom Plaintiff contended knew about the landslide but failed to disclose it to her.
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