Construction Defect Lawsuit Updates

August 12, 2016

As you all know, our communication regarding the lawsuit has been very vague because of a confidentiality order that was imposed at mediation. That order has been lifted slightly (not completely) and I am pleased to inform you that the lawsuit was, in fact, settled at the mediation in July with all parties except the developer.  Per the mediator, the terms of the settlement will remain confidential until the settlement agreement is signed.  The settlement agreement has different language since it involves an assignment and a release.  The terms of that agreement are being drafted by our attorney and the other attorneys involved.  Once the agreement is signed by all parties the terms of the settlement will be made available to you. Thank you for your patience during this process and as soon as I have more information I will communicate it.

 

July 5, 2016

A second mediation was held on July 5, 2016. We were unable to conclude the litigation at that time.

 

May 5, 2016

Following the mediation in March, the general contractor’s attorney attempted to locate some additional named third party defendants. He was successful in finding 3 additional parties who are now participating in the negotiations which will ultimately result in a global settlement offer. Our attorney indicates the discussions with the defendants are progressing nicely and he anticipates a 50% chance that settlement will occur in May, 2016, 75% chance for June and 100% chance that the case will settle in July. To insure that we continue to move forward he will be scheduling the second mediation in July, 2016.

Our attorney, Scott Kiernan, will be attending our annual meeting on May 23, 2016 at 6:00 PM at Amalfi’s Restaurant.


 

Mar. 9, 2016

The case did not settle at mediation, however, negotiations are ongoing.
 We will keep you appraised of any further developments.

 

Jan. 22, 2016

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