Developer, Construction Co. Settle $580M Real Estate Scam Suit

Law360, New York (November 2, 2012, 5:22 PM EDT) -- Developer Point Ruston LLC and a construction company have settled a suit lodged in California state court against two financiers who allegedly extracted loans and other benefits by falsely promising $580 million in private equity to develop a 97-acre waterfront property, according to a Tuesday order.

Dismissing the case with prejudice, Los Angeles Superior Court Judge Elizabeth Allen White signed off on a confidential agreement reached between Point Ruston, MC Construction Consultants Inc. and defendants David Luber and Richard Konecky. The financiers allegedly promised funds that...
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