24 Calif. Condo Owners Share $4.7 Million Arbitration Award

FOLSOM, Calif. - Residents of a California condominium complex have been awarded a total of $4.7 million in binding arbitration for mold contamination and water intrusion they contend was hidden by developers in an effort to sell the renovated units. Brown, et al. v. Prometheus Real Estate Group Inc., et al., No. 34-2008-00000237 (Calif. Super. Ct., Sacramento City.).

The award by a single arbitrator was released on June 8 for 24 residents of the Lakeridge Development, who sought rescission of purchase agreements and damages from developer Prometheus Real Estate Group.

Prometheus had offered the units for sale after purchasing the …