Read v. Mortgage Guarantee Co.

Plaintiffs, as apartment owners in an “own-your-own” apartment building, filed their ‘ Complaint for Damages for Fraud and Usury”. They attempted to bring the action for the benefit of all of the apartment owners. The complaint and attached exhibits are very voluminous, covering 170 pages of the clerk’s transcript. In the first count, plaintiffs attempted to set forth a cause of action sounding in fraud. Plaintiffs alleged in said first count that defendants had misrepresented the cost of the project and that the entire transaction was a subterfuge to evade the usury laws. In the second…