An early win for employee shareholders

Employee shareholders have scored an early legal victory with the New Zealand High Court rejecting FNZ’s repeated attempts to halt the case.

The Employee shareholders filed a $4.6billion class action against FNZ Group and 17 of its current and former directors including Blythe Masters, CEO of FNZ and Founding Partner at Motive Partners. Other defendants include representatives from FNZ's institutional investors Caisse de dépôt et placement du Québec, or CDPQ, which invests funds on behalf of Quebec's pension and insurance plans, the Canadian Pension Plan Investment Board, or CPPIB, Singapore’s sovereign wealth fund, Temasek, Al Gore’s Generation Investment Management. A majority of FNZ’s board is made up of representatives from these institutions, and all benefited from a direct transfer of wealth away from employee shareholders, who built the company.