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Mutual Fund News

Norbourg investors begin to receive reimbursement

Cheques are being mailed out to a majority of the investors who lost money in the Norbourg financial scandal, while others will have to wait for a judge's decision later this year to find out whether they will get anything, says one of the liquidators. Ernst & Young began sending cheques to about 5,600 of 9,200 investors last week, Pierre Laporte, an accountant with the firm, said this week. The action was taken after Mr. Justice Robert Mongeon of the Quebec Superior Court authorized last month the disbursement of about $32-million of more than $70-million that has been recovered from the remains of mutual fund group Norbourg Asset Management Inc., Mr. Laporte said. The distribution of $31.7-million to 5,600 individuals begun last week is being done on a fund-by-fund basis and is going to investors in funds that had assets. The remaining investors had investments in funds with little or no money left in them, Mr. Laporte said. It will be up to the judge to decide whether they get anything from the remaining $38-million to be distributed later this year, he said.

© 2007 The Globe and Mail. All rights reserved.

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