The hundreds of victims of a fraudulent investment firm shut down by regulators over a decade ago are able to get their money back—so long as they apply for it by February 14.
An agreement between lawyers that filed a class-action lawsuit on behalf of victims and the auditors and interest holders that control the now-defunct Mount Real. Corp was reached late last year.
Investors will receive the net capital of their original investment, which amounts to about $43 million.
"For some people, it's a significant sum of money," Janet Watson with the Mount Real Victims Group told CJAD 800 News.
"It's a good settlement, we're pretty pleased with it," she continued.
"It's been 11 years; most people had given up hope of getting anything back, so the fact we're getting back a considerable amount of money is well it came as welcomed news.
it's going to be a life-changer for some people who are getting back, I know one couple that's getting back $100,000."
The agreement, which excludes Mount Real and its trustees and auditors of any admission of liability, is dependent on a majority of the victims agreeing to the payout.
"If a majority of members do not vote for the settlement agreement, it will become null and void," explained an email from Watson to victims.
"If you are a victim of Mount Real but have not received documentation concerning the class action, please contact Gabrielle Gagne at the office of Trudel Johnson Lesperance at 514-871-8385 or by e-mail at gabrielle@tjl.quebec."
Proof of claims and voting forms must be submitted before 5 p.m. on Feb. 14.
The former chief executive of Mount Real, Lino Matteo, was convicted in one of the longest trials by jury in Canadian history in a separate matter.
He was sentenced to eight years in prison in the Cinar fraud trial, but is now out on bail awaiting appeal.