Dundee Wealth Management Inc. says that its investment dealer subsidiary, Dundee Securities Corp. has not been named in a class-action lawsuit relating to activities of Brian Verbeek in investments by RRSPs in private companies.

Responding to a story in Friday’s National Post, the company says Dundee Securities has not been served and the lawsuit has not been certified as a class-action proceeding.

Verbeek was named as a defendant in the lawsuit. He is no longer with Dundee Securities but was an investment advisor from Sept. 1, 1999 until April 30, 2000.

While with Dundee Securities, Verbeek was involved in approximately $8 million of private company investments by RRSPs. Shares of private companies may be RRSP eligible provided that the private company meets certain eligibility criteria. The claim alleges that the plaintiff invested funds from his locked-in RRSP in shares of private companies not eligible for RRSPs.

Dundee Securities believes that this claim is without merit and is not material to its operations. Dundee Securities will vigorously defend this claim.