RICO Violations Alleged in Lawsuit Over Inflated Home Prices

A group of homeowners recently filed a class action lawsuit against KB Homes, Countrywide Financial and LandSafe Appraisal Services. The lawsuit claim that the three companies were working together to artificially and illegally inflate home prices in order to increase home values and thus the sale price.

The lawsuit, filed in the United States District Court for the District of Arizona, claims that the conspiracy inflated home prices in Arizona and Nevada by as much as $280 million over the past three years.

According to the complaint, Countrywide would send all of its KB Homes to an individual appraiser at LandSafe who would appraise the home at whatever value Countrywide asked for. As alleged in the complaint, this scheme violates the Racketeering Influenced and Corrupt Organizations Act (RICO), as well as, the California Unfair Competition law.

Disclaimer: The foregoing is general legal information only and not intended to serve as legal advice or a substitute for legal advice. If you have been injured or damaged due to RICO violations go to www.ContingencyCase.com to see if there is a lawyer or attorney in your local area who is willing to take your case on a contingency fee basis. ContingencyCase.com is an online legal directory that allows Attorneys to advertise their availability to take all kinds of cases on a contingency fee basis (for example personal injury, eminent domain, contract cases, partnership disputes, etc.). Please note there are no guarantees that any attorney or lawyer will take your case. Copyright 2009 ContingencyCase.com – All Rights Reserved.