Broker sued over overseas property investment fund
A stockbroking firm and a number of other companies are being sued by 19 investors over the management of an overseas property investment fund.
The investors are claiming negligence in their High Court actions over the management of funds.
They involve millions of euro invested in the development of projects in Orlando, Florida, and in London.
The actions are against Merrion Stockbrokers Ltd; Castle Carberry Properties Ltd; Orlando Lakes Nominee Ltd; Orlando Lakes General Partner Ltd — trading as Orlando Lakes LLP; Orlando Lakes Ireland Ltd — trading as Orlando Lakes LLP; Hurley English and Associates Ltd — trading as Ailesbury Investments; and Shinagh Estates Corporate Services Ltd.
Four “pathfinder” actions have been chosen from the list of 19 investors.
These actions will determine the issue of liability in all the cases, Lyndon MacCann, counsel for the 19 investors, told the High Court in Dublin yesterday.
Judgment in default of an appearance in defence has already been entered against Castle Carberry and Hurley English and Associates, counsel said.
Merrion and the other defendants are defending the actions and deny the claims.
Mr Justice Donald Binchy set dates in January for the hearing of disclosure of document applications from both sides.
The investments were entered into between 2005 and 2007.
However, the investments plummeted in value when the crash came.
Source: Irish Examiner – Broker sued over overseas property investment fund
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