Tousa To Get $250K In Settlement With Appraiser

Law360, New York (December 10, 2008, 12:00 AM EST) -- Bankrupt homebuilder Tousa Inc. has settled with a real estate appraiser it accused of performing faulty due diligence on a 2005 acquisition for $250,000, a small fraction of the $500 million in losses Tousa said it incurred as a result of that deal.

U.S. Bankruptcy Judge John K. Olson of the U.S. Bankruptcy Court for the Southern District of Florida signed an order Tuesday approving the settlement between Tousa and Real Estate Engineering Inc.

After commencing negotiations to acquire Transeastern Properties in 2005, Tousa hired REE...
To view the full article, register now.