By Kristena Hansen
Phoenix Business Journal
Meritage Homes Corp. still is in the throes of a $13 million federal lawsuit JPMorgan Chase Bank NA filed against it more than a year ago, but officials of the Scottsdale builder say they wouldn’t be in that court battle if they had spent more time vetting their business partners.
The suit is over money Meritage refuses to pay on a now-defunct $535 million Nevada housing project, which began in 2004 as a joint venture between Meritage and group of other builders.
The latest development in the case occurred earlier this month, when a court ruled that Meritage is liable for some of the repayment guarantees to Chase, but the judge left it up to the parties involved to hash out how much still is owed, according to documents in the U.S. District Court of Nevada.
