Vincent Lacroix, the former chief executive officer of Norbourg Asset Management, which went bankrupt, qualifies for a legal aid attorney, Montreal Gazette reports.

Lacroix faces a class-action lawsuit with 9,200 plaintiffs who want the $130 million they held in Norbourg mutual funds returned to them. One class-action member said he was "sickened" by the "farce" that the state will pay for Lacroix's defense out of taxpayers' money.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.