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Wachovia sues home builders

October 22, 2008|Times Wire Reports

Wachovia Corp. is seeking at least $358 million in a lawsuit against six home builders including KB Home, Toll Bros. Inc. and Lennar Corp. over a failed Nevada development.

Wachovia Bank, a unit of Charlotte, N.C.-based Wachovia, sued in Manhattan federal court.

Wachovia said land developer Focus Kyle and eight builders, two of which weren't sued, defaulted on guarantees to develop a planned community in Las Vegas.

The $565-million development was to be called Kyle Canyon Gateway, with 16,000 homes on 1,710 acres, according to Commercial Property News Magazine.

The builders declined to comment or could not be reached.

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