BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Michael Mc Donough who wrote (28009)	7/18/1998 1:54:00 AM
From: Walter	Read Replies (1) of 28369

Saturday, July 18, 1998 Bre-X should not be class action: Nesbitt By SANDRA RUBIN The Financial Post Nesbitt Burns Inc. says investors trying to recover some of their losses from the Bre-X Minerals Ltd. fiasco in Ontario court should not be granted class-action status because they don't have enough in common. If a motion to certify Bre-X as a class action fails, each shareholder would have to pursue the bankrupt company, its directors, their own brokerage and its gold mining analyst independently. Bre-X was worth about $6 billion at its peak in the fall of 1996. Nesbitt -- one of the biggest boosters of the Calgary exploration firm -- traded Bre-X in 10,160 different client accounts between September 1995 and May 1997, general counsel Michael McGrann said in an affidavit filed Friday. Each client has a unique relationship with his or her broker, McGrann said. "Some clients are active short-term traders, while others are long-term investors. Some private clients want little or no information or advice from their investment adviser and make all investment decisions on their own, others constantly seek information." Clients don't always follow their brokers' advice and it's not uncommon for investors to have accounts at more than one brokerage house, he said in the 43-page affidavit. Nesbitt -- named in 15 other lawsuits in the gold fraud -- said it plans to challenge certification in a huge Bre-X class action filed in Texas. Nesbitt argued allegations that mining analyst Egizio Bianchini was negligent in his research reports don't stand up in a class action because not everyone who bought shares was relying on his advice. BREAKING NEWS MARKET WATCH BIZ TICKERS MUTUAL FUNDS MONEY RATES BIZ SEARCH C$ bucks the trend Down Under Stentor ready to fight on quality OSC stepping up enforcement Lusting for diamonds CANOE home \| We welcome your feedback. Copyright c 1998, Canoe Limited Partnership. All rights reserved. Please click here for full copyright terms and restrictions.

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