Class Action Lawsuit Filed Against Ozzie Jurock and Partners
March 31, 2010
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A Class Action Lawsuit was recently filed in the Supreme Court of British Columbia against high-profile Canadian real estate developer and author Ozzie Jurock and his partners David Barnes and Ralph Case by Gregory Bosworth, an executive in the feature film and gaming animation industries.
Bosworth is acting as the representative plaintiff on behalf of 70 per cent of the owners of Roosevelt Heights Apartments, a development in Prince Rupert, B.C., which was converted into strata condos in 2006/2007. The condos were then sold to investors in early 2007 through their network of companies and real estate clubs.
The Allegations
The lawsuit alleges misrepresentation, stating the Defendants signed a disclosure statement under the Real Estate Development Marketing Act, stating that the buildings were free of material defects. The Plaintiff alleges that there were significant material defects discovered subsequent to the sale of the condo which the investors believe the Defendants knew existed and did not disclose. The owners/investors have asked the developers to remedy the defects in the buildings, but the Defendants have declined.
“The investor group determined that they needed to conduct additional research into the true status of these properties,” says a report from Plaintiff’s lawyer. “Once done, they realized that there were substantial items that were never disclosed regarding the properties during the sales process or at the point of sale by AMG Investments Ltd. (the Defendants’ company) that they in their professional capacity ought to have known. In the end, these properties have lost money from day one and require significant capital investment by the owners who have little opportunity to remedy these issues other than to put additional monies into these properties. This is the exact opposite of what the investors were sold by AMG Investments Ltd.”
The Defendants have one week to file a statement of defence.
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