A Palm Beach Gardens luxury community has reached an agreement in the lawsuit against its builder, but the terms have not been publicly disclosed.
Frenchman’s Reserve Attorney Jack Scarola confirmed the suit has been resolved in a confidential settlement, the documentation of which was completed about two weeks ago.
“All I can tell you is that following the entry of summary judgment in favor of Frenchman’s Reserve, the matter was amicably resolved,” Scarola said.
He previously said the club planned to seek more than $15 million.
The club in March won a potentially multi-million dollar judgement against Toll Brothers subsidiary Binks Estates Limited Partnership. Frenchman’s Reserve alleged the developer held onto the 45,000-square-foot clubhouse to absorb surplus cash and offset losses rather than turning over control to members at the appropriate time.
Judge Meenu Sasser in March rejected the subsidiary’s motion to dismiss the case and granted Frenchman’s Reserve a motion for summary judgment.
Michael Napoleone, an attorney for the builder, said the agreement was “to the mutual satisfaction of all sides.”
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