MONTREAL, March 26, 2026 /CNW/ - The class action brought by nearly 200 employee shareholders of FNZ, a global financial technology giant, is advancing despite repeated attempts to block the proceedings by FNZ's institutional shareholders, notably La Caisse de dépôt et placement du Québec (La Caisse). Kiwi Cayco GP announces today that its board of directors has authorized the continuation of legal proceedings, and that the High Court of New Zealand has scheduled the first public hearing for May 12, 2026.
This development marks a significant milestone in one of the world's largest active class actions, a USD $4.6 billion claim filed against FNZ Group and 17 of its current and former directors. At the centre of the dispute is La Caisse, FNZ's principal shareholder and the public manager of the retirement savings of millions of Quebecers.
"While the most recent developments represent a step in the right direction, we will remain cautious and vigilant against any further attempts to impede these proceedings, whether in New Zealand or elsewhere," said Mike Stevens, shareholder and former FNZ employee.
Capital Raises with Devastating Consequences for Employees
The employee shareholders assert that La Caisse and other institutional investors used their control of the FNZ board to execute three capital raises in 2024 and 2025 on terms that reduced to near zero the value of shares held by the employees who built the company. They denounce the issuance of preference shares and warrants on terms they describe as non-commercial.
A Deliberate Series of Attempts to Block the Case
Since the claim was filed in July 2025, FNZ and its co-defendants, including La Caisse, submitted seven separate memoranda and two affidavits seeking to suspend proceedings, all of which were rejected by the High Court of New Zealand. An injunction was also sought in the Grand Court of the Cayman Islands in an effort to prevent Kiwi Cayco GP from acting as plaintiff. That attempt also failed.
Learn more: www.fnzclassaction.com
SOURCE FNZ Employee Shareholders
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