Once it became evident that no real work was taking place, investors took action against the solicitor acting for Kuvera (Ireland) Ltd, the company responsible for promoting a property development scheme in India. The investors claimed that they had been encouraged to put their money into the scheme by two letters written to them by the solicitor, Seymour Major.
In 2010, the Dublin High Court found in favour of the investors, arguing that Major had owed them a duty of care and that they were entitled to recover a total of €7.7 million from him. However, Major informed the court that he had no assets and was subsequently declared bankrupt.
So the investors have now turned their attention to the insurers responsible for providing Major’s professional indemnity insurance. A move which, according to belfasttelegraph.co.uk, has led to an action in which the insurers are seeking a declaration that they are not responsible for indemnifying Major who, incidentally, is still on the Northern Ireland Roll of Solicitors but no longer holds a practicing certificate.
The question now is how will the court finally decide?
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