Losses were in recovered in part through provincial governments paying compensation, based on findings as to deficiencies in regulatory oversight.
Six weeks later, the Principal Group filed for bankruptcy,[1] owing more than 67,000 investors approximately $468 million ($1.07 billion today).
[3] Calgary lawyer William Code[4] was appointed in 1987 to conduct an inquiry into the financial affairs of the corporation, the findings of which were released in July 1989.
Two weeks after the report was released, the accountable minister during the period under review, Connie Osterman, was dismissed from cabinet by Premier Don Getty.
Investors finally settled their various claims in 2001, at which time their estimated recovery rate was 90%, including compensation paid by provincial governments.