One of the world's largest class actions filed in High Court of New Zealand

The FNZ employee shareholder class action is now before the High Court of New Zealand, and is currently one of the largest class actions in the world in 2025.

It debates the ethics and power of private equity and institutional investment and is set to rewrite their role in corporate governance.

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.


It debates the ethics and power of private equity and institutional investment and is set to rewrite their role in corporate governance.

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.