The Real Deal Miami

Related drags on deposit suits

February 08, 2010 10:36AM

Miami-Dade Circuit Judge Peter Adrien has joined the numerous voices berating
the Related Group for its slow progress in settling litigation over
condominium deposits for buyers who want to exit their deals. Related is a party to more than 1,000 suits over condo purchases in the wake of the
condominium market implosion; federal law requires that buyers in
condo developments of at least 100 units are entitled to a return of
any money over 15 percent of the purchase price. Judge Adrien said Related
had ignored his decree to provide such refunds to buyers at the 1,796
Icon Brickell complex in Miami. Lee County Circuit Court Judge Lynn
Gerald also cited the developer’s slow pace in rectifying similar
issues in developments there. Both judges issued orders to comply with
the law; Betsy McCoy, vice president and associate general counsel for
the Related Group, said she was deeply offended by the judges’ orders
and claimed the refund problems are isolated cases. [GlobeSt]