U.S. Court Of Appeals Affirms Judgment In Favor Of IStar

(RTTNews) - iStar (STAR) said that the United States Court of Appeals for the Fourth Circuit affirmed in its entirety the judgment of the United States District Court for the District of Maryland in the matter of U.S. Home Corp. v. Settlers Crossing, L.L.C., iStar Inc. et al.

The District Court determined that iStar was entitled to specific performance from Lennar in the amount of the remaining $114 million purchase price due under a land sales contract; interest on unpaid amounts at a rate of 12.0% per annum from and after May 27, 2008 until paid, which totals approximately $121 million as of today; and real estate taxes and reasonable and actual attorneys' fees and costs.

A third party holds a 4.3% participation interest in all proceeds from the judgment.