Santa Monica Condo Owners Settle Lawsuit

Oceanfront condominium owners in Santa Monica who experienced water leaks in their walls have agreed to a $7.1-million settlement in a construction defect lawsuit against the builders.

The homeowners association of the 31-unit complex at 701 Ocean Ave. accepted the settlement of $225,000 per unit, according to Costa Mesa law firm Rutan & Tucker, which represented the owners. The main defendant was Edwards Contractors Inc., a subsidiary of Hong Kong-based Tai Cheung Holdings Ltd.

The suit centered on damage caused by water leaking into the walls through Italian travertine stone exterior wall panels that the plaintiffs said were installed improperly. The building was completed in 1993.

A two-bedroom unit at the complex is listed for sale at $889,000.

-- Roger Vincent