Toll Brothers settles lawsuit for $25 million

Toll Brothers, the largest luxury home builder in the United States, agreed to a $25 million settlement in an investor lawsuit, Reuters reported. Investors claimed the company overstated its ability to manage to housing slump.

They also alleged that executives overstated the home demand and falsely said its niche market was immune from rising interest rates and other negative economic conditions.

Toll Brothers denied wrongdoing in agreeing to settle.