The November 5, 2014 edition of MetroWest Daily News included an article entitled "Condo owners settle lawsuit with Nouvelle at Natick owner." The article described the events leading to the suit brought by Tyler E. Chapman of Todd & Weld LLP in 2011 on behalf of his clients, a group of owners--married couples and individuals who collectively own 11 condominiums--alleging fraud in the inducement by the developer.
Nouvelle at Natick was marketed as the first residential building attached to a mall in the New England suburbs. In 2007, prior to construction, condos were selling for between $369,000 and $1.5 million. In April 2009, the developer filed for bankruptcy and condos were eventually auctioned at minimum bids ranging from $160,000 to $495,000. The plaintiffs alleged that they were misled by the developer's employees into overpaying for their units.
Tyler Chapman is quoted by the reporter, "Our claim was that if they had known the truth, they would not have closed on these properties." The terms of the settlement remain confidential. However, Mr. Chapman stated, "All I is that we are pleased with the outcome."Click here to read entire article: natick.wickedlocal.com/article/20141105/NEWS/141107700
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