Judge OKs $7M for Ironbridge homeowners
After a five-year battle over structural damage and unstable soil, a group of 20 homeowners in the Ironbridge subdivision south of Glenwood Springs should see some economic relief following a ruling by Ninth Judicial District Court Judge James Boyd.
Boyd’s ruling denies an attempt to overturn an arbitrator’s decision from March and instructs a group of contractors under the umbrella of Ironbridge Homes LLC to pay $9.4 million in damages, attorney fees and costs, plus a post-judgment interest rate of 8 percent. According to Mari Perczak, an attorney for the plaintiffs, the money is expected to be deposited and dispersed this month.
“Our clients, the 20 homeowners involved, are relieved that the long process (the five-year battle involved a four-week arbitration, three-and-a-half week long jury trial, and two trips to bankruptcy court in New York) is coming to an end,” she wrote in an email to the Post Independent. “They can now repair their homes and get on with their lives.”
“Colorado law is not very supportive of homeowners,” she added later. “Fortunately, in this case, we were able to get a source of recovery for them so they can fix their homes, but it was a very long, trying process for them. It’s not about a homeowner being picky. This is about real damage. Some of these people have been paying mortgages, taxes and dues all while they’re unable to live in their home.”
Boyd had been tasked to review a jury verdict, leading to his decision.
He also is reviewing a $6.7 million jury verdict against LBRR, a defunct Lehman Bros entity representing the property developers.
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