Property developers sue fund over loans

The Corbetts have initiated a High Court case against LSREF III Achill Investments Ltd which obtained the judgment against them last month. A second judgment for another €10.5m was also obtained against Michael Corbett.

LSREF, a Dublin registered firm engaged in fund management, says the Corbetts brought their proceedings against it in September, the month before LSREF obtained judgment against them. The judgement proceedings were initiated by LSREF last July.

LSREF director Jeffrey Johnson says in an affidavit the Corbetts have not yet delivered a statement of claim but in the summons they issued initiating their case in September, their core contentions appear to be the same as those relating to the judgment case against them.