Angela Bates v. KB Home, et al.
Published: May 7, 2011 | Result Date: Feb. 1, 2011 | Filing Date: Jan. 1, 1900 |Case number: 08-384954 Settlement – $7,100,000
Court
Alameda Superior
Attorneys
Plaintiff
Steve W. Berman
(Hagens, Berman, Sobol & Shapiro LLP)
Peter B. Fredman
(Law Office of Peter Fredman PC)
Thomas E. Loeser
(Hagens, Berman, Sobol & Shapiro LLP)
Defendant
Bruce A. Abbott
(Munger, Tolles & Olson LLP )
Brad D. Brian
(Munger, Tolles & Olson LLP)
Shoshana E. Bannett
(Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC)
Facts
Before March 1, 2007, a majority of purchasers of KB Home properties would pay a "contract coordination" fee of $275 to HomeSafe, which was KB's escrow subsidiary. Several California purchasers of new homes filed a class action against KB, alleging that the fee was improper.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiffs alleged that defendant unlawfully required that consumers utilize HomeSafe for transactions within California.
Result
The parties reached a settlement amounting to $7.1 million. According to the settlement, those who paid the fee will receive a minimum of $225 of the fee reimbursed. Persons who did not pay the fee, but paid their Earnest Money Deposits to HomeSafe, will receive $50. $100,000 of the settlement went toward administration costs.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390