Blue Chip investors' court victory
Five Supreme Court justices, led by Chief Justice Sian Elias, have ruled Blue Chip was effectively selling the investors debt securities without producing a prospectus or appointing a trustee, both of which are illegal under the Securities Act 1978.
The investors were also awarded $75,000 in costs.
Although the investors weren't seeking it, the judgment also said the investors were entitled to be refunded their deposits.
The ruling overturns previous High Court and Court of Appeal judgements allowing the developers of the apartments to force the investors to purchase the apartments.
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