Claims Over Failed NC Resort Are Trustee's Bailiwick: Judge

Law360, New York (January 13, 2012, 4:59 PM EST) -- A North Carolina federal judge on Friday tossed a lawsuit from scores of landowners alleging they were duped into sinking millions of dollars into plots at a doomed development, finding that the claims belong to the trustee overseeing the liquidation of development company Land Resource LLC.

U.S. District Judge Martin Reidinger backed the magistrate judge’s recommendation and dismissed the lawsuit from 101 plaintiffs alleging the executives at Land Resource plundered the company after raising $90 million from investors in Grey Rock at Lake Lure, an unrealized...
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