Business Services Industry
Builder KB Home Tells FTC That Arbitration for Warranty Disputes Not Binding.
Knight Ridder/Tribune Business News, June, 2003
By Adolfo Pesquera, San Antonio Express-News Knight Ridder/Tribune Business News
Jun. 30--In a break with past practices, KB Home told the Federal Trade Commission on Monday that it will tell its customers a warranty dispute settled through arbitration will not necessarily be binding.
The move is significant for homeowners locked in disputes with KB Home, San Antonio's dominant homebuilder. Some KB Home customers have decided not to pursue warranty claims through arbitration -- in which a third party acts as "judge" in the matter -- because there has been no chance of appeal to a court, where a judge and jury would settle a dispute.
KB Home announced the contract change in a letter to the FTC dated June 30. The change affects customers...
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