Asbestos Suit Ended with Court OKing Deal
Article Added January 23rd, 2006 - Print This Story - Bookmark This Story
Developers who built a Klamath Falls subdivision and families who bought homes there have had a settlement for more than $11 million approved by courts. The suit was filed over a dump site that contained dangerous asbestos in the subdivision.
The families, whose homes were originally sold for $200,000-$700,000, will be reimbursed to nearly 85% of the value of their homes since they have to leave them behind. The value of restitution will depend on the value of the individual homestead. MBK Partnership and their affiliates will have to pay the $11 million in restitution and court costs, according to the settlement. The Environmental Protection Agency and the Justice Department jointly announced the settlement.
EPA regional administrator Michael Bogart said the consent decree will allow the families of North Ridge Estates to relocate to a safer neighborhood, without the risk of asbestos infection, as well as resolving complicated and protracted disputes against the company ad their affiliates. North Ridge Estates, where the 52 acre subdivision is located, is a former Marine barracks site from WWII; the soil was contaminated when the barracks were demolished. By 2003 half of the homeowners had already filed suit against MBK.
Article Added January 23rd, 2006 - Print This Story - Bookmark This Story
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