Rancocas Creek, NJ: (Jan-17-08) Several property damage claims that were pending related to the Rancocas Creek flooding, reached settlement recently, after the three dam owners, Medford Lakes Colony Club, T.H. Budd Cranberry Co. and Blue Lake Colony Club, agreed to a further $1.4 million settlement. Sources stated that homeowners and businesses along the creek filed several lawsuits the Superior Court consolidated into a class action in 2005. The region was inundated by up to 13 inches of rain in less than a day, causing dams across the creek to either fail or become damaged. The worst affected were the Medford, Medford Lakes, Lumberton and Southampton regions.
With the new deal, the total payout will be close to $6.5 million, which includes the total settlements to date for approximately 200 property owners. The recent one is the fifth settlement in the case and subject to approval by a Superior Court judge. The new settlement includes $160,000 from the T.H. Budd Cranberry Co., owner of Fisher Pond Dam in Southampton, and $250,000 from the Blue Lake Colony Club, owner of Blue Lake Dam in Medford. The Medford Lakes Colony Club, a homeowners group that owns the Lower Aetna Dam and has a minimal interest in the Upper Aetna Dam, has agreed to pay $1 million of the $1.4 million settlement. [
