| Lawyers Private Mortgages |
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| Date of Funding: | 7 Dec 2004 (Adventure), 26 Jan 2005 (Laguna), 03 May 2005 (Kohuna & Surfers Paradise) |
| Plaintiff: | Adventure Resort, Laguna, Kohuna and Surfers Paradise |
| Defendant: | Lawyers Private Mortgages Pty Ltd and MDRN (Lawyers) |
| Court: | Supreme Court of Queensland |
| Cause of Action: | There are four cases in which the solicitors for the former trustee of an investment trust (and the trustee itself) are being sued by investors. The solicitors (MDRN) were practising in Queensland and carrying on a solicitor's mortgage business. The claim against them is in negligence, breach of duty, breach of trust and for misleading and deceptive conduct. The solicitors are insured by 2 insurers, QBE and St Pauls. |
| Result: | The cases were settled in March 2007. IMF received about $3.9m on an investment of about $0.4m with capitalized costs of about $0.1m. |
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