KB Home, Others To Pay $250M For Failed Vegas Project

Law360, New York (June 16, 2011, 2:32 PM EDT) -- KB Home Inc. and two other homebuilders said Thursday that they have agreed to pay lenders led by Wells Fargo Bank NA more than $250 million to settle claims filed over the collapse of a development project outside of Las Vegas.

KB Home, which owns nearly half of the failed South Edge LLC joint venture, will contribute between $214 million and $225 million toward the settlement, while Beazer Homes USA Inc., holder of a 2.6 percent stake in the project, will chip in between $15.7 million...
To view the full article, register now.