Ontario regulator makes deal to sell core business of PACE credit union

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PACE will merge its core business with another undisclosed credit union and hive off its more contentious assets and liabilities in an entity to be wound up later

since at least last June. Mr. Finnie will remain as PACE’s CEO until the transaction closes.

former senior executives and directors who were terminated and accused of fraud, misconduct and mismanagement If FSRA succeeds at recovering significant sums of money on the credit union’s behalf, it could help compensate members for their shares and offset other legal and administrative costs from winding up PACE.

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