The plaintiff commenced a foreclosure action regarding a Multiple Unit Residential Building (MURB) investment scheme.
The investors, who had signed powers of attorney in favour of the developer, alleged financial manipulation and breach of fiduciary duty.
Given the complex financial history, the lack of proper accounting by the mortgagee, and the overlapping shareholder oppression claims, the case management judge directed a reference to determine the mortgage accounting and related issues.
The judge also ordered a stay of the foreclosure action and oppression applications pending the reference.
