Plantation Golf and Country Club Equity Membership Class Action Lawsuit
Golf Club Faces Class Action LawsuitA subsidiary of Concert Golf Partners that controls the Plantation Golf and Country Club (PGCC) in Venice, FL faces a class action lawsuit brought by former members who say they were denied millions of dollars in refunds. In a November 1, 2021 ruling, Judge Andrea McHugh, a Florida circuit court judge, granted class action status to the suit by former members against the club and Concert Plantation, LLC. Between 500 and 700 resigned members may be part of this class-action. Those eligible for the class action lawsuit include all individuals (or their guardians or estate representatives) who resigned their equity memberships before January 1, 2016 and have not received their full refund amount.
Refund Checks Fraction of Original Amounts DuePlantation Golf and Country Club is governed through bylaws established when the club first opened. When resigning from a PGCC equity membership, members go on a waiting list to get refunds. However, it may take years before a resigned member actually gets their check. Refund amounts are based on the current Bylaws when the member’s resignation occurs. For many members, the refund amount was 80% of the equity membership fee in effect on the effective date of resignation. Recently paid refunds are NOWHERE NEAR the originally promised 80%. The change of bylaws without consent from resigned members is a self-serving business practice by PGCC.
Concert Golf Partners Buys Plantation Golf and Country Club
The Plantation Golf and Country Club sold to Concert Golf Partners, a company that “owns and operates 19 upscale private clubs.” Along with the sale came a plan to recapitalize. Tom Kubik, then president of Plantation Golf and Country Club, told the Venice Gondolier Sun that “in addition to the reinvestment program, CGP will immediately redeem all resigned member equity, exchanging current member equity redemption rights for those improvements.”
In other words, refund plans for resigned members are moving forward even with the sale of the country club. However, the amounts of the refunds are not discussed in the article
CLASS ACTION LAWSUIT: Are You on the PGCC Equity Membership Refund Waiting List? Did You Get the Wrong Refund Amount?
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Self Serving Business Practices and Harm to Resigned Members
According to the June 4th, 2013 PGCC legal committee meeting minutes, board and staff members questioned attorneys about the equity membership refunds.
To change redemption bylaws, 100% of the resigned members waiting on refunds must agree to any changes. However, board members changed the redemption ‘formula’ in the bylaws against attorney advice. The new amount is a fraction of the refund resigned members are entitled to at the time of resignation. Even more, this change came with no consent from resigned members waiting on their redemption.
In 2016 board members and staff made the decision to change the bylaws, knowing it would harm more than 700 resigned members. However, the amount of money the club saves from lowering refund amounts greatly outweighs the amount they have to pay in a few lawsuits over the refunds. So, the country club chose profit over people. These are self-serving business practices in action at the expense of resigned members.
Consequently, the minutes of this meeting show the board members and legal committee were aware of the self serving business practices in use when changing redemption bylaws without consent.
mctlaw is Actively Litigating Resigned Equity Membership Cases on Behalf of Our Clients
mctlaw fights for you to get the correct refund amount from Plantation Golf and Country Club. Talk to our attorneys about your refund even if you already received a redemption check for an incorrect amount, or you’re awaiting a redemption check,
Attorneys at mctlaw believe you deserve the amount originally and contractually promised when you purchased an equity membership. We have an experienced commercial litigation team ready to help you. To get in contact, fill out a form below, or call 888.952.5242.