According to a tipster, the lawyer who filed the class action suit on behalf of homeowners at the Beacon has also filed a similar class action suit on behalf of homeowners at the Metropolitan (333-355 First). From the tipster, “I heard he pitched Metropolitan homeowners at 6:00 and one of the owners drove him over to the Beacon at 8:00 to meet with their homeowners, then hit both buildings with lawsuits on Friday.”
Can anyone confirm this tip or provide us with a copy of the filing? Keep in mind that if the filing can be confirmed, the homeowners in the Metropolitan will face the same challenges as the homeowners in the Beacon with regard to refinancing or reselling their condominiums.
In related news, the word on the street is that the fee agreement in the Beacon class action suit calls for the attorney to keep
somewhere between 40 and 50 percent of any “gross recovery” (but that he will lower his fees to 33% if at least half of the homeowners join as plaintiffs).
UPDATE: It’s official, Superior Court Case Number CGC-06-455064 (“BEN BEDI VS. FOLSOM/FIRST, LLC”) was filed on August 11, 2006. (Download filing (pdf) at Box.net) Kudos to our “plugged in” readers, commenters, and tipsters.
∙ The Beacon Twenty-Two (And Their Dirty Laundry) [SocketSite]
∙ A Big Bad Lawsuit At The Beacon [SocketSite]