Norbourg saga draws to a close

An agreement in principle has been reached in the Norbourg class action lawsuit. Under the $55 million settlement there is no admission of liability.

The amount will be covered by Beaulieu Deschambault S.E.N.C.R.L. (including Deschambault St-Jean S.E.N.C.R.L.) and Rémi Deschambault, the AMF, The Northern Trust Company, Canada, Concentra Trust and KPMG LLP.

The $55 million payment would be in addition to compensation already paid by the Fonds d’indemnisation des services financiers, administered by the Autorité des marchés financiers (AMF), the funds recovered by the bankruptcy trustees and the liquidator in the Norbourg matter and the funds returned by Revenu Québec.

The agreement will be presented to the Superior Court of Québec for approval once all details have been finalized by the parties involved. If the court ratifies the agreement, all proceedings involving investors in the Norbourg matter will effectively come to an end.

Detailed information with respect to the determination and distribution of funds will be communicated to investors once the agreement is ratified by the court.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.