Real-Estate Developers Face Investor Class Action Lawsuit
Two developers namely Landillo and Austcorp have been accused in the federal court for allegedly misleading the investors. The Investor class action lawsuit has been filed against the two developers on the New South Wales central coast.
The charge accuses the developers and two real estate agents, of financial loss faced by the the investors.
The investors say the developers and two real estate agents, guaranteed them a return of up to 8 percent for 10 years. Also the guarantee was crucial because they borrowed money to pay for the units. They are arguing they were misled because the contracts had a hidden clause that guaranteed returns for only 12 months. The investors say they have been left with overpriced units they cannot sell and want compensation for their financial loss.
Source: ABC News
Filed under Class Action
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