MONTREAL, Jan. 19, 2011 /CNW Telbec/ - The parties to the Norbourg class
action announced that an agreement in principle has been reached and
will be presented to the Superior Court of Québec for approval once all
details of the agreement have been finalized by the parties. Under the
agreement, the parties agreed, without any admission of liability, to
settle the suit for a total amount of $55 million.
The $55 million, in addition to the 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, will ensure the recovery and distribution, to all intents and
purposes, of all funds stolen from the Norbourg victims.
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
This agreement was entered into following a case settlement conference
presided by Québec Superior Court Judge François Rolland just prior to
the start of the class action hearing. Should the court ratify the
agreement, all proceedings involving investors in the Norbourg matter
will effectively come to an end.
The parties have agreed to settle the suit in the interest of the
victims and in order to avoid lengthy and costly legal proceedings.
Message to investors
Given that this agreement is subject to approval by the Superior Court,
detailed information with respect to the determination and distribution
of funds will be communicated to investors once the agreement is
ratified by the court.
SOURCE AUTORITE DES MARCHES FINANCIERS
For further information:
Investors' legal counsel
Me Jacques Larochelle: 418 529-5881
Me Serge Létourneau: Office : 418 692-6697 Cellphone: 418 564-8142
Autorité des marchés financiers
Sylvain Théberge: 514-940-2176