Cosmopolitan Resort and Casino
World-renowned architects, residential developers, hotel operators and designers collaborated to construct the Cosmopolitan Resort and Casino in Las Vegas, Nevada. The $3.9 billion venture broke ground in 2005 and has plans for completion in mid-2010. This noteworthy resort-style condo hotel is predicted to have a 4-star rating and condos for sale for anyone who enjoys casinos, lounges and entertainment.
The Cosmopolitan Resort and Casino offers hotel and seasonal residence options for buyers and investors who are looking to earn a profit from renters. However, investors are increasingly frustrated at the "under construction" status of the Cosmopolitan Resort and Casino and have filed lawsuits against the project, claiming breaches of contract. Over 400 plaintiffs are leading a charge against the $200 million in deposits that remain in the development.
Class action lawsuit claims against the Cosmopolitan Resort and Casino focus on the project's delayed opening, which has proven costly for investors. Investors were promised that the purchased condos would be rented as hotel rooms when not in use, which creates a steady stream of revenue. Investors also allege that the developers violated good faith dealing.
Other claims include the violation of the Interstate Land Sales Full Disclosure Act, which requires developers to register units with the U.S Department of Housing and Urban Development. Under this Act, investors are entitled to receiving property reports that list the facts of the project in detail.
If you have invested in the Cosmopolitan Resort and Casino and have received notice that the continuation of the project depends on raising the remainder of the funds, you may be entitled to file a class action lawsuit. An experienced class action lawyer can litigate financial fraud and help investors recover damages they have suffered. Attorney Search Network can help you find class action lawyers in your area.
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