The Supreme Court of Canada said it will not hear a leave to appeal by the defendants in the legal saga — which include the U.S. president, developer Talon International and its former executives. No reasons were given by the court for the dismissal.
The plaintiffs — Sarbjit Singh and Se Na Lee — allege they were sold units in the hotel under false pretenses and misled to believe their investments would result in returns ranging from 7.74 per cent to 20.90 per cent.
Instead, the two investors lost a combined $1.2 million, according to a decision by the Ontario Court of Appeal last year.
The 65-storey tower in Toronto’s financial district is comprised of hotel rooms and private residences and is managed by the Trump Organization.
Last October, the Ontario Court of Appeal ruled in favour of the investors, ordering that the sale of the unit must be rescinded for Singh and damages must be paid to Lee for “negligent misrepresentation.”
It also ordered that damages, the amount to be determined at a later date, be paid out to Lee for “negligent misrepresentation.” Lee said she lost nearly $1 million after taking possession of the unit.
Mitchell Wine, a lawyer representing the plaintiffs, says the Supreme Court ruling clears the way for more legal action to be taken against Trump, Talon and its ex-CEO and president Val Levitan and ex-director and chairman Alex Shnaider.