6 Sep 2011

Judgement gives Blue Chip investors hope

9:41 pm on 6 September 2011

A lawyer acting for 300 Blue Chip investors says a Supreme Court judgement has provided them with some hope.

The investment company collapsed in 2008, owing about 2000 investors more than $84 million.

Barrister Paul Dale says his clients contend that various financial packages which were part of agreements for sale and purchase for a number of apartment developments breach the Securities Act.

Mr Dale says this argument has failed in the High Court and the Court of Appeal but the Supreme Court has now granted them leave to be heard, but not gone as far as allowing an appeal at this stage.

Mr Dale says no hearing date has been set.