search

The Real Deal Logo

Trending

Trump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
South Florida

Lennar gets $1B award in California case

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

Sign Up for the undefined Newsletter

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

Tags
Lennar