New York Attorney General Eric Scheiderman announced yesterday the largest settlement in the recent history of the Real Estate Finanace Bureau.
The Manhattan Club, a high-end Timeshare in Mid-town Manhattan, misled potential owners regarding their ability to reserve rooms and resell their timeshares and agreed to pay $6.5 million in restitution to owners who purchased timeshare interests, some of whom paid between $10,000 to over $40,000 for their units.
Purchasers were subjected to relentless high-pressure sales pitches and misleading promises, such as ownership in the Club is "better than money in the bank." They were told that rooms were not rented to the general public, reservations were easy to make, and few restrictions applied, all of which turned out to be false.
Many frustrated owners then found themselves with little choice but to try selling their units for as little as $1 to avoid rising costs and maintenance fees which had risen over 200% in the past 10 years.
In addition to the financial restitution, the owners will be barred from doing business in the timeshare industry.
Like these owners at the Manhattan Club, if you own a timeshare and feel that you were subjected to fraudulent statements, misrepresentations, and/or significant material omissions in the sales presentation, your contracts may be legally unenforceable.
For more coverage on the Manhattan Club case, we encourage you to read the stories from the New York Post and New York Law Journal.
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