Comstock Reaches Settlement Agreement With Balfour Beatty on Eclipse Condo Litigation
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) announced that on July 21, 2011, Comstock Potomac Yard, L.C., a subsidiary of the Company, entered into a definitive settlement agreement with Balfour Beatty Construction, LLC, successor in interest to Centex Construction, with respect to a $11,963,002 judgment previously entered in Comstock Potomac Yard's favor by the United States District Court for the Eastern District of Virginia, Alexandria Division.
The definitive settlement agreement fully resolves the Judgment which Balfour had previously appealed to the United States Court of Appeals, 4th Circuit, on March 25, 2010.
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