On September 11, 2018, the Court of Queen’s Bench of Alberta dismissed a class action lawsuit commenced against Riaz Mamdani and Strategic Group. The lawsuit which began in 2012 and certified a class action in 2013 will continue against the remaining Defendants.
The Judgment by the Court of Queen’s Bench fully resolved the dispute as against Riaz Mamdani and Strategic Group while providing a mechanism for the funding of past and future legal fees to continue the pursuit of the litigation against the remaining Defendants.
The Class Action litigation involved a sale of real estate by a Strategic Group Company to a syndicator that allegedly misrepresented and misappropriated investor funds. Riaz Mamdani and Strategic Group have denied any liability in this matter and have consistently stated that liability may be owed by certain of the remaining Defendants.
“We will continue to assist the plaintiffs in whatever way we can”, stated Riaz Mamdani, CEO of Strategic Group. “It is our hope the plaintiffs will recover their losses.”