Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Friday, March 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

Bank Sues Builders For $325 Million|In Henderson, Nev. Real Estate Fiasco

MANHATTAN (CN) - JP Morgan Chase Bank sued seven major homebuilders for their failure to complete a $1.3 billion development of 11,500 homes in Henderson, Nev. The bank says the borrowers owe it at least $325 million in loans for the enormous "Inspirada" project, which began in 2003.

In separate federal complaints, the bank sued Alameda Investments; Coleman-Toll LP and Toll Brothers; KB Home Nevada; Focus South Group and John Ritter; Pardee Homes of Nevada and Weyerhaeuser Real Estate Co.; Meritage Homes of Nevada; and Beazer Homes USA.

The enormous project, planned for 2,000 acres, was originally known as South Edge. Henderson, the biggest suburb of Las Vegas, was one of the nation's fastest-growing cities until the real estate crash.

The bank is represented by Jamie Levitt with Morrison & Foerster.

The bank filed seven similar complaints against the same defendants in Clark County Court, Las Vegas.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...