Norbourg - Superior Court disqualifies class action attorneys

Montréal – Judge André Prévost of Québec Superior Court has allowed a motion filed by the Autorité des marchés financiers (AMF) to disqualify the firm Lauzon Bélanger from acting as class action attorneys in the matter of Norbourg.

In the decision handed down on April 25, 2006, the Judge upheld the arguments put forth by the AMF whereby:

  • Yves Lauzon is representing opposing interests by acting on behalf of both investors and Éric Asselin;
  • Yves Lauzon is in a conflict of interest by launching a suit concurrently for the purpose of recovering his investment in the amount of $1,800,000. Should he win the case, this amount would be subtracted from the total assets to be redistributed among all investors.

The decision (in French only) handed down by Judge Prévost is available on the AMF website, under the Norbourg section.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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