Fortress Class-Actions
Settlement #4 - Class Action Settlement with the Defendants, Derek Sorrenti, Grant Morgan, and Sorrenti Law Professional Corporation, in connection with syndicated mortgage loans in Collier Centre (in respect of the 2012 syndicated mortgage loan only), Progress Manors Ten88, Sutton/The Link, Harmony Village Lake Simcoe/The Kemp, and Orchard Calgary (in respect of the 2014 Syndicated mortgage loan only)
On June 2, 2025, In its capacity as Notice Administrator, FAAN Mortgage delivered a Notice of Class Action Certification and Approval of Partial Settlement to the investors in the above referenced loans. Copies of the short form and long form Notices are posted below.
On May 1, 2025, In its capacity as Notice Administrator, FAAN Mortgage delivered a Notice of Hearing for Partial Certification and Settlement Approval to the investors in the above referenced loans. Copies of the condensed form and short form Notices are posted below. The hearing in respect of this matter is scheduled to occur on June 2, 2025.
Settlement #3 - Class Action Settlement with the Defendants, FMP Mortgage Investments Inc., Michael Daramola, Tonino Amendola and Graham McWaters, in connection with the Orchard Calgary syndicated mortgage loan
On March 7, 2025, In its capacity as Claims Administrator, FAAN Mortgage distributed the required payments to investors affected by the above noted Settlement #3.
On January 30, 2025, In its capacity as Claims Administrator, FAAN Mortgage delivered a Notice of Class Action Certification and Approval of Partial Settlement to the investors in the above referenced loan. Copies of the long form and short form Notices are posted below.
On September 11, 2024, in its capacity as Notice Administrator, FAAN Mortgage delivered a Notice of Hearing For Partial Certification and Settlement Approval to the investors in the Orchard Calgary syndicated mortgage loan. Copies of the long form and short form Notices are posted below. The hearing in respect of this matter is schedule to occur on January 9, 2025, as set out in the notices below.
Settlements #1 and #2 - Class Action Settlement with the Defendants, Building & Development Mortgages Canada Inc. (formerly carrying on business as Centro Mortgage Inc.), and the Estate of Ildina Galati, AND the Defendants FFM Capital Inc., Rosalia Spadafora and Saul Perlov
On April 21, 2023, in its capacity as Claims Administrator, FAAN Mortgage distributed the required payments to investors affected by the above noted Settlements #1 and #2.
On January 19, 2023, pursuant to an order of the Ontario Superior Court of Justice, FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as Claims Administrator in respect of certain Fortress Real Developments Inc. syndicated mortgages Class Actions, related to the following real estate development project loans:
(a) Collier Centre – in respect of the 2012 syndicated mortgage loan only;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; and
(e) Orchard Calgary – in respect of the 2014 syndicated mortgage loan only.
In its capacity as Claims Administrator, FAAN Mortgage delivered a Notice of Partial Class Action Certification and Approval of Settlement to the investors in the above referenced loans. Copies of the long form and short form Notices are posted below.
On December 7, 2022, pursuant to an order of the Ontario Superior Court of Justice, FAAN Mortgage was appointed as Notice Administrator in respect of certain Fortress Real Developments Inc. syndicated mortgages Class Actions, related to the following real estate development project loans:
(a) Collier Centre – in respect of the 2012 syndicated mortgage loan only;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; and
(e) Orchard Calgary – in respect of the 2014 syndicated mortgage loan only.
In its capacity as Notice Administrator, FAAN Mortgage delivered a Notice of Hearing for Settlement Approval to the investors in the above referenced loans. Copies of the long form and short form Notices are posted below.
For more information, including details or legal questions about the Class Actions, please review the Notices, visit Fortress Syndicated Mortgages – Sutton, Orchard, Harmony Simcoe, Progress, Collier Centre - Sotos Class Actions, or contact either Class Counsel at:
Sotos LLP
55 University Avenue, Suite 600
Toronto, ON M5J 2H7
Tel: 1-888-684-5545 (toll-free)
MSTW Professional Corporation
Barrister and Solicitor
36 Toronto Street, Suite 1120
Toronto, ON M5C 2C5
Tel: 416-477-5524
Fax: 416-477-1657
For information about the timing and amount of distributions, please contact FAAN Mortgage at 1-833-495-3338.