Syndicated mortgage claims dismissed

Syndicated mortgage claims dismissed

Syndicated mortgage claims dismissed A number of claims brought forth by grieved investors against Fortress Real Developments have been dismissed.

The Ontario Superior Court dismissed four class action claims against Fortress Real Developments last week.

A representative from Fortress told MortgageBrokerNews.ca that there are no additional pending claims.

The four claims were dismissed due to the statements of claim not disclosing any legal causes of action, according to Fortress.

"We are extremely pleased with the ruling last week,” Vince Petrozza, COO of Fortress, said in a statement.

The plaintiffs can still file new Statements of Claim with the court within 40 days but, if they fail to do so, the actions will be dismissed. 

Fortress said that if the plaintiffs do choose to file new Statements of Claim it will continue to defend itself against the lawsuits.

"Fortress has a portfolio of over 80 development projects across the country, of which 22 are now completed,” Jawad Rathore, President & CEO of Fortress, said. “We continue to focus on identifying and developing high value real estate projects across Canada and along with our partners, we remain committed to delivering communities we are proud of."

Fortress has found itself embroiled in a number of class action suits to the tune of over $100 million. Many of which were for allegations of delayed projects and investment payouts.