Final $55 Million Settlement Reached in Norbourg Class Action

Monreal, PQ: The parties involved in the various Norbourg suits announced that they have signed the final agreement confirming the settlement and payment of $55 million to the Norbourg victims.

On Thursday, February 17, 2011, the notice to members stating that this out-of-court settlement will soon be submitted for approval by the Superior Court will be published in La Presse, Le Soleil, Le Journal de Montréal, Le Journal de Québec and The Gazette.

All Norbourg and Évolution investors as of August 24, 2005 will thus be notified that the settlement will be submitted to Superior Court Judge André Prévost on March 14, 2011, to approve the transaction concluded with the participating defendants and to determine the amount in fees for their attorneys. These investors will also be notified that a petition on behalf of Réal Ouimet in respect of the motion to initiate a class action against the Caisse de dépôt et placement du Québec will also be submitted to the court. Finally, the notice will also mention how this settlement will impact the investors in the Perfolio class action.

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Published on Feb-16-11