Societe Generale has agreed to repurchase deposit instruments underlying the Portus investments
Manulife Securities Investment has announced that the justice Colin Campbell of the Ontario Superior Court of Justice has approved the settlement of a class action lawsuit that the company commenced against Societe Generale Canada and related entities on its behalf and on behalf of all purchasers of certain investment products of Portus Alternative Asset Management and
related entities.
Under the settlement, Societe Generale has agreed to repurchase deposit instruments underlying the Portus investments that are held by KPMG, the trustee in bankruptcy of the Portus estate, prior to their maturity such that the total face value of the all of the Societe Generale deposit instruments will have been paid upon the completion of the settlement.
Under the settlement, Societe Generale continues to deny all of the allegations in the lawsuit and completion of the settlement is subject to Societe Generale’s right to terminate the settlement if the opt-out threshold provided for in the settlement agreement is exceeded.
Manulife Securities is a subsidiary of Manulife Financial. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a financial protection products and wealth management services through its network of employees, agents and distribution partners.