Brewer, Attorneys & Counselors announced the filing of a lawsuit on June 18, 2019, on behalf of its client, Megatel Homes, against United Development Funding and Centurion American Development Group. Dallas Morning News Real Estate Editor Steve Brown wrote about the filing in an article titled, “Dallas builder Megatel seeks millions in damages from developer and finance firm.”
The lawsuit, which was filed in the 160th Judicial District Court in Dallas County, Texas, alleges that Megatel’s joint venture partners, UDF and Centurion, conspired to take advantage of Megatel. The lawsuit alleges breach of fiduciary duties and breach of good faith and fair dealing, among other claims.
"As alleged in the petition, our client believes that defendants conspired against their company to unfairly remove it from significant projects and to gain financial benefits to which defendants were not entitled," William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel for Megatel, said in a statement. Megatel is seeking more than $100 million.
The article reported that, “Among Megatel's charges is a claim that Centurion American sold homebuilding sites in its new communities that had been pledged to Megatel to other builders in order to raise cash.”
Megatel Homes was founded by brothers Zach and Aaron Ipour, and is a top-ten homebuilder in Dallas-Fort Worth.
