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Class Action Law Suits

Current Proposed Class Action Law Suits  &  Settlements

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The law firms of Mitchell Wine, MSTW Professional Corporation and Waddell Phillips has joined forces with in prosecuting five proposed class actions relating to syndicated mortgage loans (SMLs) promoted by Fortress Real Developments Inc. and Fortress Real Capital Inc.   

Five proposed class actions have been commenced relating to Fortress’ syndicated mortgage loans on the following developments:

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  1. Collier Centre – in respect of the 2012 syndicated mortgage loan only;

  2. Progress Manors Ten88;

  3. Sutton/The Link;

  4. Harmony Village Lake Simcoe/The Kemp;

  5. Orchard Calgary – only in respect of the charge registered as Registration No. 141 112 373.

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Details of the proposed class actions, as well as statements of claims, and settlements can be found on the Waddell Phillips website.

 

  • On January 13, 2023 Partial Settlements of the Actions were reached with Adi (for Sutton); FFM, Rosalia Spadafora, and Saul Perlov; BDMC/Estate of Ildina Galati. Details of the settlements can be found on the Waddell Phillips website.

 

​The proposed class action law suit continues for the remaining defendants have have not settled.   These defendants are listed in the statements of claims, and can be found on the Waddell Phillips website.

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Other Class Action Pursuits

  • An investigation team comprised of a lawyer, researcher and a forensic accountant had worked diligently with the help of Rose Ray , to create a report that would be used to highlight potential law suits pertaining to Fortress. A potential Class action lawsuit against Lamb Development Corp was filed, however unfortunately the law firm Groia decided they were unable to pursue the lawsuit further.  Archived communications regarding this endeavour can be found here.

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  • Another law firm, Kallochlian Myers LLP had filed a Statement of Claim in 2020 against Olympia Trust Company for the registered funds investors. However, on June 19, 2023, the Court of Appeal for Ontario has dismissed the appeal of the order dismissing the motion for certification. A copy of the decision is available here. 

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If you are an investor who has approached a law firm regarding a class action law suit against other Fortress related parties not mentioned on our website, please let us know.

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