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CONFIDENTIAL

Feb. 24, 1996

Construction
Negligence
Property Damage

Confidential

Settlement –  $2,400,000

Facts

The defendants were the builder/developer and subcontractors of a 91 unit condominium complex, built in 1986-87. The plaintiff, the homeowners' association for the condominium complex, allegedly found structural, drywall, framing, electrical, soils, insulation, architectural, roofing, window and door defects. The plaintiff alleged that the defects were caused by the defendants' negligence. The plaintiff brought this action against the defendants based on strict liability and contractual theories of recovery.

Settlement Discussions

The plaintiffs and defendants contend that there were numerous offers and demands made. The specifics of the settlement discussions were not disclosed.

Damages

The plaintiff claimed approximately $2,400,000 in property damage to the roofs, framing, structural components and windows of the condominum complex.

Other Information

The settlement was reached approximately three years after the case was filed.


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