Caisse Populaire de Shippagan launches $69.9M lawsuit against former auditors

The Caisse Populaire de Shippagan is suing its former auditors for $69.5 million.

The credit union, which now operates under the UNI Financial banner, alleges firms Grant Thornton, Bourque-Hache-Duguay, and Duguay Gagnon failed to provide it with a true portrait of its financial statements between 1996 and 2003.

The financial institution was near bankruptcy when the province provided it with a $28 million non-repayable grant and an additional $10 million in the form of a repayable loan in 2007.

Fourteen weeks have been set aside for the trial which will take place in January of 2019.

(with files from the Acadie-Nouvelle)