Suit against developer, PNC Bank is granted class-action status

June 25, 1996|By BLOOMBERG BUSINESS NEWS

WILLIAMSPORT, Pa. -- A federal judge has approved class-action status for a lawsuit that accuses a developer and PNC Bank Corp. of defrauding people who bought lots in a planned resort near Hazelton, Pa.

Buyers paid developer Frank Cedrone up to $100,000 for each of the undeveloped lots that were to front a golf course and an artificial lake at the Valley of Lakes development, the suit says.

The lots now are worth less than $10,000 each, because the golf course and lake were never built, and the promised road and sewer improvements were never made, said Roger Antao, an attorney for the plaintiffs.

The class includes several thousand people who bought lots at the 3,856-acre recreational housing development, according to the order filed by U.S. District Judge James McClure Jr.

Pub Date: 6/25/96

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