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SAN FRANCISCO -- Two major investors in Meridian Point Trust Fund '84 have joined a shareholder lawsuit challenging management of the $55.5 million fund, formerly known as Sierra Capital Trust Fund '84.
The real estate investment trust is now managed by Meridian Point Properties Inc., which handles a total of seven REITs with an appraised total value of $600 million. The trusts were formerly managed by Sierra Capital, now based in Oakland.
The Minneapolis Police Relief Association and Duke Financial Corp., which together own a majority position in the fund, last week signed onto a state court suit accusing both Meridian and the former manager of the trusts, …