Court Enters Final Judgment Awarding Pulte Homes $48.7 Million In Damages.Business Editors/Real Estate Writers BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Sept. 2, 2003 Pulte Homes Pulte Homes, Inc (NYSE: PHM) is a Bloomfield Hills, MI based company founded by Bill Pulte. Pulte is the third largest (by units) builder of homes and residential community developers in the United States according to Builder Magazine's"Builder 100", and is the nation's (NYSE NYSE See: New York Stock Exchange :PHM) announced today that the U.S. Court of Federal Claims has issued a final judgment awarding Pulte Homes approximately $48.7 million in damages for the U.S. Government's breach of its contract with the Company. As previously reported, the Court issued an opinion on July 1, 2003 finding that Pulte Homes had been damaged by the U.S. Government's breach of its contract with the Company related to the Company's 1988 acquisition of five savings and loan associations savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. . The Court has previously stated that this damage award is not subject to tax. The final judgment is subject to appeal. Accordingly, any gain from this litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. will be recognized only upon final resolution. About Pulte Homes Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan Bloomfield Hills is a city in Oakland County of the U.S. state of Michigan. It is located in the Metro Detroit area, nearly completely surrounded by Bloomfield Township; it also borders the city of Birmingham. As of the 2000 census, the city population was 3,940. , has operations in 44 markets across the United States. Under its Del Webb (www.delwebb.com) brand, the Company is also the nation's leading builder of active adult communities for people age 55 and older. Over its history, the Company has constructed more than 330,000 homes and has been named Builder of the Year for 2002 by Professional Builder magazine. Pulte Mortgage LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a nationwide lender committed to meeting the financing needs of Pulte Homes' customers by offering a wide variety of loan products and superior customer service. Web site: http://www.pulte.com |
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