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Mutual Fund News

Norbourg investors to recover some money

The majority of investors who lost millions with Norbourg Asset Management Inc. will get back a portion of their money in the coming weeks. Trustee Ernst & Young was granted permission yesterday by a Quebec Superior Court to return $32-million of $75-million recovered last year from Norbourg, Evolution and Perfolio funds. The rest of the money will be held in reserve until the court makes a decision on how to distribute the funds to creditors. The investors have launched a separate lawsuit against company founder Vincent Lacroix, his companies, Quebec's financial services regulator and some Norbourg managers. CP

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