Quebec’s public pension fund manager, the Caisse de dépôt et placement du Québec, along with the Canada Pension Plan Investment Board are among the targets of a class-action lawsuit filed by employees of a New Zealand company.

The employees of financial technology firm FNZ said in a news release on Thursday that the High Court of New Zealand will hold its first hearings on the case in May.

A group of around 200 employees and former employees of FNZ launched the lawsuit, alleging institutional shareholders such as the Caisse and the CPPIB executed a series of fundraising rounds in 2024 and 2025 that reduced the values of the employee shares to zero.

They are seeking US$4.6 billion in compensation, equivalent to over CAD$6 billion.

The allegations have not yet been tested in court.

FNZ defended itself by saying its directors have “at all times acted in the best interests of the company” and that the institutional investors, who are shareholders in the company, have demonstrated a long-term commitment to the business.

This report by The Canadian Press was first published on March 26, 2026.

The Canadian Press