Md. High Court Caps Pulte's $5.2 Million Judgment at $725,000

BALTIMORE - Maryland's highest court has affirmed that developer Pulte Home Corp. can only recover $725,000 of a $5.2 million consent judgment rendered against the manufacturer of allegedly faulty synthetic stucco. Pulte Home Corp. v. Parex Inc., No. 62 (Md. Ct. App.).

On Feb. 14, the Maryland Court of Appeals ruled that a settlement agreement between Pulte and various cross-claimants capped the homebuilder's recovery against Parex Inc.

Between 1994 and 1998, Pulte built 77 homes using a synthetic exterior stucco finish known as the Exterior Insulation and Finish System (EIFS). The system was designed, manufactured and sold by Parex.