(November 12 – 18:00 ET) – Burned Bre-X investors have dropped their attempt to involve Nesbitt Burns, its analyst Egizio Bianchini, as well as other brokers and analysts in their class action suit.
Back in May, the Ontario court certified a class action against Bre-X, Bresea and some officers and directors of the firms. But investors were not permitted to proceed against the brokers.
In June, the plaintiffs filed an appeal. Today the investors decided to drop their appeal. Nesbitt is paying their legal costs. “The decision was a difficult one, but it removes the risks of litigation for the representative plaintiffs and will allow the remaining action to be more aggressively pursued against Bre-X, Bresea and the Insiders,” says the investors’ lawyer, Harvey Strosberg.
-IE Staff
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