Las Vegas Lawyers filed a class action lawsuit on May 19, 2005, on behalf of hundreds of Vegas Grand condominium purchasers against the developers of the Vegas Grand condominiums, citing the developers unilaterally cancelled the purchasers' agreements in a letter dated April 25, 2005.
The class action lawsuit was was expanded on May 27, 2005 by the filing of a First Amended Complaint, adding new legal theories to the case against developers of the Las Vegas property. The addition of the amended complain added six additional named class representatives.
The new amended complaint allows additional law firms to join the legal team to represent defrauded purchasers. On May 27, 2005, three law firms were added to the team, including a prominent Las Vegas law firm and two California firms. All three firms seek to associate into the class action as additional counsel on behalf of the defrauded purchasers.The two California firms represent many of the California residents that purchased Vegas Grand condominiums.
The new complaint seeks to repeal any intended agreements resulting from purchasers signing a “Deposit Option Form” that was included with the developers cancellation letter, dated April 25, 2005. The developer's letter offered purchasers only two options- to sign a new reservation agreement at almost double the original price, or to receive their deposit money back with a 5% “bonus.”
“Many of the purchasers signed the form because there were no other options presented and the developer did not promise in the letter to refund their deposits without the Deposit Option Form being signed. The purchasers were presented only two options, sign up at a new price, or sign to obtain their money back,” said one of the attorneys representing purchasers.
Many purchasers report receiving checks from the Nevada Title Company intending to refund their reservation deposits since the filing of the class action lawsuit. “We advise purchasers not to cash or deposit the refund checks, without first seeking legal advice,” said one of the plaintiff attorneys.