Montréal, January 19, 2011 - 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 KPMG LLP.
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.
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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
www.lautorite.qc.ca This link will open in a new window