Sino-Forest Hit With $5.6B Securities Fraud Suit

Law360, New York (September 28, 2011, 8:26 PM EDT) -- Two institutional investors on Monday filed securities fraud class action in Ontario seeking a reported CA$5.8 billion (US$5.6 billion) from Sino-Forest Corp., joining the ranks of shareholders that have pounced on the Chinese timber company since regulators sounded the alarm last month.

Northwest & Ethical Investments LP, which manages a major Canadian family of socially responsible mutual funds, and Quebec retirement system Comite Syndical National de Retreatie Batirente Inc. claim that Sino-Forest as well as its auditors and financial firms are on the hook for billions...
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