Business Services Industry
Austin, Texas-Area Builder KB Home Drops Arbitration Clause.
Knight Ridder/Tribune Business News, July, 2003
By R. Michelle Breyer, Austin American-Statesman, Texas Knight Ridder/Tribune Business News
Jul. 2--KB Home, the second-largest home builder in Central Texas, is freeing home buyers nationwide from binding arbitration -- a significant departure from the industry standard.
In a letter sent Monday to the Federal Trade Commission, the Los Angeles-based builder said it is changing the terms of the arbitration provision in its warranty agreement for current and future customers. KB is the only home builder operating under an FTC consent agreement and had been in discussions with the agency about the use of its binding arbitration clauses.
Letters are going out to tens of thousands of the company's home buyers nationwide, including 6,000 in...
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