Norbourg: AMF seeks to unite recourses for benefit of investors
Montréal – The hearing for authorization to institute a class action on behalf of all investors in the Norbourg matter will be held this week in Québec Superior Court. This is taking place at the same time as the recourse launched by the Autorité des marchés financiers (AMF) on behalf of investors.
The AMF’s top priority is to maximize the recovery of funds for distribution to defrauded investors as soon as possible.
The AMF has repeatedly and most recently sought to combine its efforts with those of the class action representatives for the benefit of investors in accordance with, in particular, the recommendation of the Mouvement d’éducation et de défense des actionnaires (MÉDAC), but in vain. The AMF loudly deplores this situation, which will generate additional proceedings and costs for investors.
As far as the AMF is concerned, although a number of recourses have been launched, it is important that a single hearing be held in respect of the evidence submitted as part of all recourses and that it take place as soon as possible.
Through the recourse it has launched, the AMF is making its resources, expertise and the information gathered during the investigation available for the benefit of investors. All these items are highly useful for advancing the cause of investors and enabling the AMF to proceed in an expeditious manner. Moreover, unlike the class action in which legal fees will be based on a percentage ranging from 20% to 30% of the amount awarded, all funds recovered will be paid to investors.
At the hearing held this week, the AMF will point out that its role in the Norbourg affair is not comparable to that of other parties because it is the regulatory and oversight body for Québec’s financial sector. It will also stress that applicable regulations set out the roles and responsibilities of the various members of the financial sector, including mutual funds and professionals such as accountants, securities custodians, trustees and managers. On this basis, the AMF intervened for the purpose of ordering the cessation of operations and safeguarding assets as well as launching various recourses.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers
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