Hope For Ripped-Off Investors
New Zealanders ripped off in Queensland property deals are taking heart from a Brisbane law firm, galvanising them into action.
Monday, June 14th 2004, 7:29AM
by The Landlord
In 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.
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