Peguis First Nation hires new lawyers to fight $172M lawsuit over loans – CBC

by ahnationtalk on February 7, 202424 Views

Feb 07, 2024

Northern Interlake First Nation previously argued loans were illegal

Peguis First Nation has hired a new law firm to contend with a $172-million lawsuit its chief says has effectively hampered his community’s finances.

The northern Interlake First Nation had previously argued in a statement of defence it doesn’t have to pay loans it described as illegal, unconscionable and part of “a Ponzi scheme.”

Peguis Chief Stan Bird said he’s brought in “a new set of eyes” to defend against the claim brought against Peguis by PricewaterhouseCoopers Inc., a court-ordered receiver for insolvent lender Bridging Finance Inc.

That $172 million sought from Peguis exceeds what the First Nation, which has 11,670 members living on and off reserve, spends every year on its annual budget.

“It’s almost like we can’t do very much until that’s resolved, and we do have our legal team looking at that right now,” Bird said in an interview.

Read More: https://www.cbc.ca/news/canada/manitoba/peguis-finances-lawsuit-debt-1.7097680

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