TORONTO — The Ontario Securities Commission (OSC) and the Superior Court of Ontario have ruled in favour of Talon International Development Inc., which has been embattled in court against Trump International Hotel & Tower Toronto investors.
Twenty-four plaintiffs, who purchased hotel units at the Trump International Hotel & Tower Toronto, claimed a gross misrepresentation of the value of the condo units through misleading marketing materials, which has left them racked with debt.
The judgement concluded that any cash flow projections provided to potential hotel unit buyers were neither commitments, guarantees nor forecasts.
“We have been vindicated by Justice Perell’s ruling and will continue to move forward to make this property one of the world’s most acclaimed addresses,” says Neil Labatte, president and CEO, Talon International Development. “The Court further dismissed separate claims against Talon Chairman Alex Shnaider, former company President Val Levitan and Donald Trump, finding there was no basis for a suit against any of them,” added Symon Zucker, lawyer at Danson & Zucke, which represented Talon.
Mitchell Wine, the lawyer for 22 of the investors, told The Star his clients were “obviously disappointed” and will consider an appeal.