Manulife Securities International Ltd. today announced that it has filed a proposed class action against Société Générale and related entities over the role allegedly played by Société Générale in the meltdown of Portus Alternative Asset Management Inc., "Canada's biggest hedge fund scandal."

Portus has been in receivership and bankruptcy proceedings in the Ontario Superior Court since February 2005.

The proposed class action seeks damages from Société Générale based on the loss of invested capital as well as losses resulting from Portus Investors' inability to achieve a return on their investment due to the collapse of Portus.

The new class action comes about five months after lawyers for Portus investors filed a class action against PricewaterhouseCoopers and two Toronto law firms, alleging that the professional services firms received illegally withdrawn fees from Portus accounts.