23-Year Legal Saga Ends: IA Subsidiary Liable in $98M Fund Collapse
After 23 years, a Québec court holds an Industrial Alliance subsidiary liable for a 2002 fund collapse, potentially sparking a $98M payout and setting a critical precedent for financial service providers.
Decades-Long Battle: IA Subsidiary Found Liable in $98 Million Fund Collapse
MONTREAL, QC – November 12, 2025
A two-decades-long legal battle has culminated in a significant victory for investors of the former TIP Funds Canada, as the Superior Court of Québec has found Felcom Data Services Inc., now a subsidiary of IA Financial Group (Industrial Alliance), liable for the wrongful termination of a critical administrative services agreement in 2002. This landmark ruling paves the way for a damages assessment phase that could see the financial giant face a payout potentially reaching $98 million, raising critical questions about service provider accountability and the enduring pursuit of investor justice.
A Decades-Long Battle: The Investor's Ordeal
The judgment, delivered by the Honourable Justice Antoine Aylwin, J.C.S., on October 29, 2025, marks a pivotal moment for former TIP Fund investors who have endured 23 years of uncertainty and financial hardship. The dispute originated from the abrupt withdrawal of essential
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