National homebuilder to pay Miami-Dade condo association $11M in settlement

National homebuilder D.R. Horton agreed to pay a bankrupt Miami Gardens condominium association $11 million to settle litigation after the judge previously found the developer engaged in “deceptive practices.”  The settlement between Fort Worth, Texas-based D.R. Horton (NYSE: DHI) and the Majorca Isles Master Association was approved in U.S. Bankruptcy Court in Miami on July 7. The funds from the settlement paves the way for a 100 percent distribution to all creditors, with interest, and several millions of dollars to fund rehabilitation of the association’s community, said attorney Glenn D. Moses of Genovese Joblove & Battista, which represented Chapter 11 trustee Barry Mukamal in the case.    Read the article…………………….


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