Class Action filed against Edmonton-based investment management firms

EDMONTON, Oct. 19, 2012 /CNW/ - Jensen Shawa Solomon Duguid Hawkes LLP (aka "JSS Barristers") has commenced a class action proceeding against Paramount Investments Inc. (aka "Paramount Group of Companies"), Gateway Village II Limited Partnership, 1334926 Alberta Ltd., Iron-Gate Acquisitions Limited Partnership, Iron-Gate Acquisitions Inc., Adeeb Azizi, Samir Sawhney and Brian Serbu (collectively, "the Defendants").

The class action proceeding was commenced by way of a Statement of Claim filed with the Alberta Court of Queen's Bench in Edmonton. The case involves the sale of limited partnership units associated with real estate developments in Edmonton.

The Statement of Claim alleges that the units in question were both marketed and sold, without a prospectus, to individuals who did not qualify to purchase such investments. The Statement of Claim also alleges that some or all of the Defendants benefited by earning commissions, fees, incentives or other rewards in connection with the sale of the limited partnership units.

The action is advanced on behalf of all individuals who provided funds to the Defendants to invest in the Gateway Village II and Iron-Gate Acquisitions II Limited Partnerships, and who did not qualify for an exemption permitting the sale of the units without a prospectus.

The Statement of Claim seeks damages for losses suffered in the amount of $5,000,000, and punitive damages in the amount of $1,000,000, plus costs and interest.

JSS Barristers provides litigation services to both commercial and individual clients. The firm's lawyers appear at all levels of Court in Alberta and Canada. We act for substantial corporate entities as well as individuals, and we take pride in our advocacy on behalf of our clients.

SOURCE: Jensen Shawa Solomon Duguid Hawkes LLP

Carsten Jensen, Q.C.
[email protected]
[phone]

Gavin Price
[email protected]
[phone]