Investor group sues Portuguese property firm over $3m loss

The group of 35 UK and Ireland-based investors is suing Portuguese Oceânico for breach of contract, after it refused to make payouts or hand back the investments following their expiry. It is understood that all sales to the LRV group were made through their financial advisers, with at least three advisers known to have been involved so far. The group had invested in a US-based fractional ownership project at the Little River Golf Resort in 2008, only to be told by the company's chief operating officer a year after maturity in 2011 that the specified properties were not built. In t...