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Legal News

: Legal Pad | LA

$39.3 million payout may be delayed by appeal

By Richard Binder

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A judge has granted final approval of a $39.3 million settlement in a class-action lawsuit that alleged real estate brokers received kickbacks for referring clients to Property I.D. Corp., a company that produces natural hazard disclosure reports.

More than 300,000 Californians who bought natural hazard disclosure reports from Property I.D. when they listed their homes with Coldwell Banker, Prudential California Realty, RE/MAX, Century 21 or ERA Real Estate between 1996 and 2006 could be eligible for full refunds.

But some who bought the allegedly overpriced reports are complaining that the law firm that filed suit on their behalf is set to walk away with the lion's share of the settlement -- nearly $10 million. And at least one alleged victim is prepared to appeal the settlement.

Click here for details.

Full post as published by Legal Pad | LA on February 13, 2009 (boomark / email).

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