Condo Owners Group Wins $7.2 Million in Settlement
A group of Simi Valley homeowners was awarded a total of $7.2 million after suing a developer and a subcontractor who built their homes.
A court-appointed mediator worked out a settlement awarding the Le Parc Homeowners Assn. $4.5 million from EPAC, a Los Angeles-based developer.
The homeowners in the 264-unit condominium complex also won $2.7 million in a Ventura County Superior Court case on Friday against CWC Drywall & Paint, said Thomas Miller, the lawyer in charge of the firm that represented the homeowners.
“I think this will send a strong message to developers and their insurance companies,” Miller said.
Built in 1986, the condominium complex was plagued by problems, including leaky roofs, faulty electrical wiring and cracked walls, Miller said.
Chet Howe, vice president of the homeowners association, said the settlement will allow the residents of the Cochran Street complex to make needed repairs.
“We’re finally going to get the homes we thought we had when we moved in,” Howe said.
Attorneys for EPAC and CWC Drywall & Paint could not be reached for comment.
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