Manulife sues Societe Generale over Portus affair

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Manulife Securities International, the mutual fund unit of Manulife Financial of Canada, issued a class action last month against French bank Societe Generale (SG) and its affiliates over the collapse of Portus Alternative Asset Management. The insurance company is seeking at least C$1.6 billion (US$1.39 billion) of damages from SG to recover losses for the French bank's role with respect to Portus after settlement talks failed. It also seeks C$30 million (US$26 million) in punitive damages.

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