What's behind the FNZ employee shareholder class action?

FNZ employee shareholders who helped build the company and were awarded sweat equity for their efforts have been diluted by USD$4.6 b through three undisclosed equity raises by the FNZ board. Find out who is behind this transfer of wealth from the hard-working employees and why this is heading for a class action set to take place in the High Court of New Zealand.

The Employee shareholders are set to file 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 allegedly benefited from a direct transfer of wealth away from employee shareholders, who built the company.

The Employee shareholders are set to file 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 allegedly benefited from a direct transfer of wealth away from employee shareholders, who built the company.