Lawyers Private Mortgages and McCarthy Durie Ryan Neil Solicitors

Thirty-seven Queensland investors invested up to $250,000 each and were promised an annual return of 9.25%. Lawyers Private Mortgages lent Rivett Project Results $1.4 million for the Yandina Greens Retired Folks Village Pensioner Accommodation development. After the loan defaulted in March 2000, the investors filed a class action lawsuit against the company and McCarthy Durie Ryan Neil Solicitors, who promoted the mortgage scheme. The Australian Federal Court found that McCarthy had made misleading statements and negligent misstatements in promoting the scheme and has awarded investors a $790,000 class action settlement. (May-31-06) [FINANCIAL STANDARD]

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