French Bank Up Against $1.4B Class Action

Law360, New York (March 12, 2007, 12:00 AM EDT) -- A Canadian life insurance company has hit French bank Societe Generale with a proposed class action accusing the bank of causing a Canadian hedge fund to collapse into bankruptcy and asking for $1.36 billion in compensation.

Toronto-based Manulife Financial said last week it is proceeding with the suit brought on behalf of investors in the Ontario Superior Court in Toronto over Societe’s relationship with Portus Alternative Asset Management Inc., which slid into bankruptcy in 2005 after regulators launched an investigation into the hedge fund’s business....
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