MIAMI, July 19 /PRNewswire-FirstCall/ -- Lennar Corporation , one of the nation's largest homebuilders, announced today that on Friday, July 16, a California court issued a comprehensive tentative decision in favor of Lennar in a long running, widely publicized lawsuit against the Company initiated by a joint venture partner, Briarwood Capital LLC, a company wholly owned by Nicolas Marsch III.
The Superior Court of the State of California, County of San Diego, issued the 48 page tentative decision. The court concluded that "The story Mr. Marsch told on direct examination was compelling, but it did not withstand close scrutiny and cross-examination. Ultimately, Mr. Marsch was thoroughly impeached with his own testimony, documents and testimony of other witnesses." The court also found that "Mr. Marsch repeatedly gave false testimony on material issues."
Under California court procedures, the tentative decision will become final unless within ten days a party identifies additional issues to be included in the decision.
A copy of the tentative decision can be found at http://www.lennar.com/investor/investor.
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, http://www.lennar.com/.
Lennar Corporation
CONTACT: Scott Shipley, Investor Relations, Lennar Corporation,
+1-305-485-2054
Web Site: http://www.lennar.com/
