Montréal – On May 18, 2006, the board of directors of the Mouvement d’éducation et de défense des actionnaires (MÉDAC), which defends the interests of savers and investors in Québec and is led by Yves Michaud, adopted a resolution that supports the recourse launched by the Autorité des marchés financiers (AMF) and recommends that the parties responsible for the class action cooperate with AMF lawyers for the purpose of developing a common approach based first and foremost on the interests of defrauded investors.
In addition to MÉDAC’s support for the recourse launched on behalf of investors, the AMF has received some one hundred letters of support over the past few weeks.
Based on all the investigative work that has been performed, the AMF believes that it is by far the party with the fullest understanding of the matter at hand and the most extensive body of evidence. Through this recourse, the AMF is making its resources, expertise and the information gathered during the investigation available for the benefit of investors. This places the AMF at the forefront of defending the interests of investors before the courts. Moreover, unlike the class action in which lawyers will earn fees based on a percentage ranging from 20% to 30% of the amount awarded, all funds recovered will be paid to investors.
In addition to the 51 charges filed against Vincent Lacroix and the application for penal sanctions, the AMF launched a recourse on behalf of investors whereby it is claiming $115 million from Vincent Lacroix, maintaining that he is liable for the losses incurred by investors. This claim represents the portion that he apparently misappropriated for his benefit and that of his relatives and his companies. As well, with this extraordinary recourse, the AMF is claiming amounts from a number of legal persons associated with this affair.
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Frédéric Alberro (514) 940-2176
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