CIC Alternatif

The University of Montreal Pension Plan invested US$67 million - representing more than eight per cent of its total assets - in the now-insolvent Lancer Offshore fund, according to a lawsuit.Another major investor was the AXA group, whose investment vehicles put in $15.25 million in June, 2002 - less than three months before the New York Post newspaper began raising questions about the Fund and six months before the Fund announced it was suspending cash redemptions.

Yet another lawsuit has been filed against the Lancer Offshore Group, which has collapsed with estimated liabilities of approximately $350 million and assets largely comprising shares in dubious, thinly-traded firms that appear to be vehicles for securities fraud.