Court upholds ABCP plan

Investors whose funds have been locked up for more than a year in frozen asset-backed commercial paper are much closer to getting their money back after an appeal court ruled a $32-billion restructuring plan is fair and legal.

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The long-awaited ruling will be a relief to the majority of investors who voted in favour of the plan. They may start to get new notes that they can sell within a matter of weeks.

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The decision means that the angry investors, which include companies such as Jean Coutu Group (PJC) Inc., will lose the right to sue except in narrowly defined cases of potential fraud. The opponents said that was not allowed under bankruptcy law but the judges disagreed, saying the rules allow such a compromise.