Investors Sue Real Estate Fund for Massive Payout Delays

TOKYO, Nov 06 (News On Japan) - Around 1,200 investors have filed a class-action lawsuit with the Osaka District Court seeking the return of more than 11.4 billion yen from the real estate fund “Minna de Ooya-san,” which has been delaying distribution payments to its investors.

The fund, known for promoting its products with promises of a 7% annual return, collected over 200 billion yen from more than 37,000 investors nationwide. However, its main project—an urban development initiative called “Gateway Narita” near Narita Airport—has failed to make any distribution payments since July, and dividends have also gone unpaid for 33 out of its 35 investment products.

According to the plaintiffs’ legal representatives, the initial lawsuit was filed in September by five investors, followed by an additional filing on November 5th from about 1,200 investors collectively demanding the return of more than 11.4 billion yen.

The fund’s management has not yet provided any response regarding the lawsuit.

Source: TBS

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