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Mutual Fund News

Norbourg suit names watchdog

Canadian Press

MONTREAL -- Quebec's financial watchdog has been added to the list of those being held responsible by investors who were hit in the failure of Norbourg Asset Management Inc.

The class-action lawsuit alleges errors, omissions and negligence on the part of l'Autorité des marchés financiers.

The amendment to the lawsuit was made Friday.

Close to 9,200 people had savings invested in Norbourg mutual funds when l'Autorité announced in August it was freezing the company's assets as it looked into allegations that more than $130-million had been misappropriated.

© 2007 The Globe and Mail. All rights reserved.

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