Claims Against Camperdown Defendant Dismissed from Greenville County Lawsuit
Court Dismisses Claim Against One Defendant
As part of a recent development, James “Jim” Blair III, who served as the general counsel for the financing company behind the Camperdown mixed-use development on the Reedy River, has been dismissed from the case. Judge Perry H. Gravely ordered the dismissal citing the accusation as a violation of a procedural rule against claims splitting. Blair, being exonerated, will no longer partake in the lawsuit proceedings. Nonetheless, the case against the other defendants stays in effect.
Plaintiffs Accuse of Fraud Tied to Camperdown Development
Earlier this year, a lawsuit was filed accusing the main financial backer of the Camperdown development, WCM Global Wealth, of creating a fraud scheme to boost nonperforming real estate assets. Kenyon and Cathy Wells, the plaintiffs, filed separate claims alleging that the firm propped up nonperforming real estate assets including Camperdown, as it was financially failing. Erik Weir, the founder of WCM, was accused of violating his duty as an investment planner by advising a retired couple to invest $2.6 million in financially failing business entities he personally had stakes in.
Claims Against Other Defendants Remain Open
In spite of Blair’s dismissal, the claims against Erik Weir and the financial firm he founded, WCM Global Wealth, are yet to be resolved. Weir and WCM, active defendants in the lawsuit accused of fraudulent activities, will potentially face a motion to dismiss the claims against them in October.
Judge Cites Violation of Procedural Rule
Judge Perry H. Gravely cited the violation of a procedural rule against claims splitting as the reason for the dismissal of Blair’s allegations. The rule fundamentally states that one cannot file separate-but-related claims against the same person or entity. Furthermore, the court stated that all but one of the causes of action against Blair didn’t meet certain legal burdens.
Lawsuit Brings Troubled Finances to Light
Despite the impressive structure erected by the Reedy River Falls, the investment framework behind the transformative development is claimed to be riddled with troubled finances and fraud as per the lawsuit. The potentially groundbreaking proceedings of the trial are expected to lay bare the alleged fraudulent practises and perhaps instigate a significant shift in real estate investment planning.
Continued Legal Proceedings
The lawsuit continues its torturous procedural journey through the court system. The plaintiffs’ attorney admitted that an amended complaint is to be filed soon and a motion to consolidate the two related suits of the Wells is scheduled to be heard in October.
