Class action commenced against former mortgage executives

Past and present directors of PrimeWest Mortgage Investment Corporation have been named in a class action.

In a statement, the company said:

On June 12, 2018, Randy Koroluk commenced a class action lawsuit in the Court of Queen's Bench for Saskatchewan, in the Judicial Centre of Regina, against the existing and past directors (since 2015) of the Corporation. The legal action deals with oversight of the actions of Don Zealand, former CEO of the Corporation, and the collection and disposition of mortgaged assets since the departure of the former CEO. The Statement of Claim alleges several heads of damages, including negligence and breach of trust.”

The chair of the board of directors stated Wednesday that the company will file a defence denying all allegations.

The court action cannot proceed until it has been certified as a class action by Saskatchewan Court of Queen's Bench. The legal action has not been served on all named defendants.

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