On June 25, 2012, Burnet, Duckworth & Palmer of Calgary, Alberta, filed a proposed class action lawsuit on behalf of all individuals who invested in a Calgary-based real estate investment called Glenmore & Centre. The Glenmore & Centre investment related to a developed strip mall which had a number of tenants and which is located in Calgary at 6624 and 6626 Centre Street SE.
A "class action" is a legal method for one or more persons, called "representative plaintiffs," to start a lawsuit on behalf of themselves, and also on behalf of all others who fit into a defined class. Persons who fit into the defined class are automatically included in the class unless they opt out. In this way, a single person or small group of people can begin a class action on behalf of hundreds of people who are similarly affected and have the same legal cause of action. A court must approve the proposed representation and the proposed class of plaintiffs.
In this case, the proposed representative plaintiffs are two individuals who invested in the Glenmore & Centre real estate investment. They have brought the lawsuit against a number of defendants, including the Platinum Equities group of companies, the Strategic group of companies, and a number of the individuals running those companies.
The lawsuit alleges, among other things, that:
Among other remedies, the Glenmore & Centre investors are asking the Court to order that the defendants pay back all amounts that investors invested in the property and to compensate them for their lost opportunity to place their money in another investment.
On December 19, 2013, the Alberta Court of Queen's Bench (Calgary) certified this lawsuit as a class action, and appointed Hari Harnam and Gary Guidry as the representative Plaintiffs.
If you are an investor in the Glenmore & Centre investment and would like more information on this proposed class action lawsuit, we encourage you to look at the documents that have been filed in this lawsuit and which are available through links on this webpage.
IMPORTANT: Update on lawsuit – Court approval of partial settlement on September 11, 2018
On September 11, 2018, the Alberta Court of Queen's Bench (Calgary) approved a partial settlement of this lawsuit with Riaz Mamdani, Strategic Financial Corp., Strategic Equity Corp. and Glenmore & Centre Ltd. (collectively, the "Settling Defendants"). The Settling Defendants do not admit any wrongdoing or liability on their part. The settlement is a compromise of disputed claims.
Under the settlement, Glenmore & Centre Ltd. will pay $2,250,000 (the "Settlement Amount") in full and final settlement of all claims against the Settling Defendants, including lawyers' fees, disbursements and administration costs, in return for, among other things, a release and a dismissal of the lawsuit, as against them. Lawyers' fees and disbursements (including amounts being repaid to class members) were fixed by the Court as a first charge on the Settlement Amount at $356,497.63. The remainder of the Settlement Amount, less any administrative costs ordered to be paid by the Court, will be distributed to Class Members in accordance with the Court-approved Claims and Distribution Protocol (which can be downloaded from this webpage). The lawsuit will continue as against the remaining Defendants, who are not parties to the settlement. More information on this partial settlement is contained in the Order re Partial Settlement Approval and the Notice of Settlement, which can be downloaded from this webpage.
IMPORTANT: If you wish to participate in this settlement you must submit a claim and provide all necessary supporting documentation to Burnet, Duckworth & Palmer by no later than November 30, 2018. The Claim Form can be downloaded from this webpage, and contains the details on how to submit a claim.
For more information, please contact Andrew Sunter or Joanne Luu at Burnet, Duckworth & Palmer:
Email: [email protected]
Email: [email protected]
Amended Statement of Claim filed November 1st, 2012Download
Certificate for Lis Pendens filed June 26th, 2012Download
Application for Certification filed November 8th, 2012Download