The Tokyo High Court on Wednesday upheld a lower court ruling rejecting compensation demands from purchasers of condominiums sold by the former Housing and Urban Development Corp., which later subjected unsold units to heavy discounts.
Some 1,200 people had filed the suit against the corporation, now known as Urban Development Corp., seeking a total of some 2.9 billion yen. They claimed the asset value of their units declined as a result of the discounts.
Presiding Judge Hiromu Emi said he understood the plaintiffs' anger, given the dubious selling techniques deployed by the corporation, which held a lottery to make it appear as though there were many potential buyers.