Recovering Investment in Albanian Airline
We represented, on an alternative fee basis, a married couple who had invested $250,000 in a chartered airline flying non-stop from Kennedy airport to Albania and Kosovo. It was an attractive investment, or so they thought, because at that time no commercial airline offered non-stop flights to those destinations. They were told the business was worth $5,000,000, when in reality it was a house of cards. We sued to get their money back, tried the case before a jury, and won half their money. Because the verdict was only against the company, which was now defunct, we appealed the trial judge’s decision dismissing the securities act claims against the individual defendants, which we knew would pressure them into a settlement. We won the appeal on an issue of first impression interpreting Connecticut’s Uniform Securities Act, and got our clients some of their investment back. Read the appellate court’s decision here.
Demiraj v Ulaj