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News Breaks | | | | December 7, 2012 | | 06:43 EDT |  | VAC | Marriott Vacations expects $25M-$40M charge for lawsuit settlement
Marriott Vacations noted last night in a regulatory filing that as previously disclosed, certain subsidiaries of the company are defendants in a lawsuit in the Superior Court of California, County of San Francisco. The plaintiffs in the lawsuit, 11 residential unit owners at The Ritz-Carlton Club and Residences, San Francisco, a project within the company’s Luxury segment, questioned the adequacy of disclosures made prior to 2008, when the company’s business was part of Marriott International, regarding bonds issued for that project under California’s Mello-Roos Community Facilities Act of 1982 and their payment obligations with respect to such bonds. In June 2012, the trial judge issued a tentative decision on phase one of the proceedings in favor of the plaintiffs. Marriott Vacations said that while it disagrees with the findings in the tentative decision, on November 30, an agreement was entered into by the defendants and the plaintiffs to settle, without admission of liability, all claims asserted or which could have been asserted in the lawsuit. Pursuant to the settlement reached with the plaintiffs, the company will repurchase units owned by certain of the plaintiffs at The Ritz-Carlton Club and Residences, San Francisco. Two other lawsuits are pending in which 11 other owners at the same property assert similar claims. As a result of the settlement, the company expects to record a charge of $25M-$40M in the quarter ended December 28, 2012 with respect to the settlement and to increase the existing accrual for the two remaining lawsuits. | |
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News For VAC From The Last 14 Days Check below for free stories on VAC the last two weeks. |
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| May 16, 2013 | | 07:24 EDT |  | VAC | SunTrust to host a conference
2013 Vacation Ownership & Exchange Conference is being held in New York on May 16. | | | May 14, 2013 | | 13:10 EDT | | VAC | Marriott Vacations management to meet with SunTrust
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