Lenders of Caydon Property Group are still owed hundreds of millions of dollars three years after its collapse, with a new lawsuit accusing founder Joe Russo and a former executive of negligence and unauthorised self-dealings.

Caydon, which was led by Russo, was one of Melbourne’s biggest private developers before it collapsed in July 2022. The developer went broke after a big expansion into the United States saddled it with significant debt.

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