(Source: Calgary Herald)
Two Alberta women are leading a $75-million class action lawsuit on behalf of as many as 3,000 investors seeking to recover tens of millions of dollars put into property deals.
Jennifer Lofgren of Calgary, and Lucia de Wet of Pincher Creek, are spearheading the suit, which seeks to recover funds put into projects in Alberta, British Columbia, Ontario and Hawaii during the past four years.
The lawsuit names Jeanette Cleone Couch, the named officer and director of Shire International Real Estate, plus several other project companies as defendants.
A statement of claim filed at Calgary’s Court of Queen’s Bench alleges that between 2005 and 2009, “the defendants illegally solicited funds from hundreds or thousands of investors in connection with approximately 10 purported real estate development projects, none of which was genuine or as represented.”
“In total, the defendants raised approximately $75 million in connection with the projects, none of which ever came to fruition or produced any meaningful returns to investors,” reads the statement of claim.
Read Daryl Slade’s full article “Alberta women lead $75-million lawsuit over real estate deals” in the Calgary Herald (August 10, 2009).