Retail investors under the Telford Trust Action Group banner have launched a £21m action against Richard Ellis and Johnson Fry over their involvement in an enterprise zone property trust.
About 924 individual investors are said to have paid in up to £500,000 each on the basis of what is alleged to be misleading statements and omissions in the prospectus and other marketing material for the Laser Richmount (Telford) Trust.
The trust eventually paid just over £30m for Plaza Tower and Plaza Court in Telford, Shropshire, which five years later were worth just over £9m, according to DTZ Debenham Thorpe.
Financial Times 09/02/99 page 26
The Times 09/02/99 page 27
The Daily Telegraph 09/02/99 page 25
