Hope For Ripped-Off Investors
Monday 14 June 2004
New Zealanders ripped off in Queensland property deals are taking heart from a Brisbane law firm, galvanising them into action.
By The LandlordIn his first day in Auckland, lawyer Michael Quinn says he heard from two dozen affected kiwis who believe they have been sold over-priced investment units, though he suspects hundreds may have been affected.
He says that from what he has seen so far, they have good cases.
Mr Quinn says investors have typically lost around $100,000 in the deals.
He says one man lost $100,000 on one property, and $150,000 on another.
Mr Quinn says many duped Australians have won their cases against the shysters.
He says his firm's strategy is to go after neglectful lawyers whose insurance covers the settlements, rather than the marketers of the schemes, who are usually broke.
Michael Quinn says the deep-pocketed banks are so far untouched.
However, he believes it is only a matter of time before one of them is on the end of a losing judgement.
Mr Quinn says his firm operates on a no win, no fee basis.
Read More - Opens in a new window
Commenting is closed
The SuperCity turned in its strongest housing sales performance in a July for five years last month, new data from Auckland’s biggest real estate agency reveals.
ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.
ANZ has become the latest bank to ease its servicing test criteria for borrowers, reflecting the lower interest rate environment.