Lawsuit launched against U.S. investment and recruitment firms and AGF
ex employees for unlawful "lift-out" of investment managers
TORONTO, Aug. 4, 2012 /CNW/ - AGF Management Limited ("AGF") and AGF
Investments Inc. ("AGFI") yesterday issued a Statement of Claim in the
Ontario Superior Court of Justice alleging that a U.S. investment
company, its executive recruitment firm, and certain individuals
including ex-fund manager Patricia Perez-Coutts orchestrated an
attempted unlawful "lift-out" of an entire team of experienced,
professional investment managers in breach of their legal obligations.
The Claim alleges that the attempted unlawful lift-out was planned so as
to inflict damage to AGF, while at the same time inappropriately
rewarding certain ex employees, including Patricia Perez-Coutts to work
with them to affect the improper lift out.
"In our view, this action is about a breach of legal obligations
involving ethically wrong behaviour by this U.S. investment company
with full participation by individuals including Patricia Perez-Coutts,
our ex fund manager," said AGF Chairman and Chief Executive Officer
Blake C. Goldring. "We have a duty to act, and to protect Canadian
investors from this type of interference. Integrity is the most
important part of our business."
"This behaviour harms the entire industry and has serious implications
on how investors view the financial services sector," said Winthrop H.
Smith Jr., Lead Director of AGF Management Limited. "We are compelled
to pursue our claim accordingly."
About AGF Management Limited
AGF Management Limited is one of Canada's premier independent investment
management firms with offices across Canada and subsidiaries around the
world. AGF's products include a diversified family of award-winning
mutual funds, mutual fund wrap programs and pooled funds. AGF also
manages assets on behalf of institutional investors including pension
plans, foundations and endowments as well as for private clients. With
over $41 billion in total assets under management, AGF serves more than
one million investors. AGF trades on the Toronto Stock Exchange under
the symbol AGF.B.
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