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Blue Chip Victims Have Day In Court

Fuseworks Media
Fuseworks Media

Wellington, April 21 NZPA - A retired Whangarei couple who owe $629,000 following the collapse of property company Blue Chip have gone to court in a bid to get their mortgages discharged.

Bruce and Judy Bartle's claim, which began in the High Court at Auckland yesterday, is being seen as a test case for hundreds of other stricken Blue Chip investors, The New Zealand Herald reported.

The couple, whose only income is national super, say as a result of forged mortgage documents they have been left with financial obligations they cannot meet.

Their action targets GE Finance subsidiary GE Custodians, which lent them the funds to invest in Blue Chip, mortgage broker Tasman Mortgages which arranged the loans, and a lawyer, Jonathan Mathias.

Their Blue Chip adviser told them to go to Mr Mathias, who had acted for dozens of other investors, because their own lawyer wouldn't understand the product.

The Bartles are seeking to have mortgages worth $263,000 over their Whangarei home discharged, to be similarly freed from any responsibility for $366,000 owed on a Symonds St, Auckland apartment, and damages.

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