WL Homes: bankruptcy court OK's $1.2 million home defect settlement

By Lisa Kerner

Charlotte, N.C., Jan. 25 - WL Homes, LLC was granted approval of a $1.2 million home defect claim settlement, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the claimants filed a lawsuit against the company and various subcontractors to recover damages for alleged defects in the claimants' homes in the Paloma development in Las Vegas.

Under the settlement, the settling subcontractors will fund $1.15 million of the $1.2 million payment, and WL Homes' insurance carriers will fund $53,817.

In addition, the subcontractors' insurers will pay $60,000 to WL Homes' estates under the settlement.

WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19, 2009. Its Chapter 11 case number is 09-10571.

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