A dispute between Waterbury’s Webster Financial and a group consisting of the developer of a Columbus, Ohio, condominium project and some original condo purchasers has been settled for $10.5 million, The American Banker and Columbus Morning Call report.
A Franklin County jury originally awarded Community Building Systems Inc., the condominium developer, and the group of original purchasers about $18.9 million in May 2010, Columbus Business First reports on its Web site, citing The American Banker’s dispatch. The suit was filed in June 2007.
But the settlement nearly cuts in half the original award and also forces Webster to provide a quitclaim deed to condominiums its affiliate owns to Community Building, the website reports.
Webster spokesman Robert Guenther told HBJ Today Tuesday the bank was pleased to put the matter behind.
