The Real Deal Miami

Lennar gets $1B award in California case

Jury concludes Miami homebuilder victim of extortion, defamation

December 04, 2013 12:45PM

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lennarlogoMiami homebuilder Lennar has been awarded $1 billion by a civil jury in California.

The jury concluded that Lennar was the victim of defamation and extortion by developer Nicolas Marsch III and Briarwood Capital, Daily Business Review reported. Lennar and Marsch had originally partnered to develop a private golf community in Rancho Sante Fe, Calif. The dispute between the parties began in 2006.

Lennar received $802 million in compensatory damages and $200 million in punitive damages. The jury determined Marsch conspired with former Wall Street titan Barry Minkow to extort money from Lennar. Minkow pled guilty for his role in the extortion two years ago and is serving a five-year term in federal prison. [Daily Business Review]Eric Kalis

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