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Hagens Berman Sobol Shapiro
Hagens Berman: Homeowner Claims KB Home, Countrywide and LandSafe Rigged Appraisals
May 24th, 2009
A group of homeowners today filed a class-action lawsuit against KB Home (NYSE:KBH), Countrywide Financial and LandSafe Appraisal Services, claiming the three conspired to systematically, artificially and illegally rig home appraisals in KB developments in an effort to boost home values and sales prices. The suit, filed in U.S. District Court in Arizona, claims KB and the other defendants inflated home prices by as much as $2.8 billion in Arizona and Nevada alone during a three-year period. According to Rob Carey, the attorney representing the plaintiffs, KB routed purchasers to Countrywide for loan services, often claiming they would act as a loan...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-24)
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