Key Points:

• Settlement Agreement Reached:

  • The parties have agreed to a settlement in this certified class action, pending court approval.
  • The agreement was signed on February 5, 2025.

• Court Approval Requirement:

  • Under the Class Proceedings Act, 1992 (CPA), court approval is needed before the settlement can take effect.
  • Amendments made by the Smarter and Stronger Justice Act, 2020 do not apply since the action began in 2008.

• Notice Plan Approval:

  • A comprehensive plan for notifying class members about the settlement and hearing was submitted.
  • The plan includes:
    • Newspaper publications (National Post, Globe and Mail, Wall Street Journal, etc.).
    • Online newswire releases across North America.
    • Digital advertising targeted at investors.
    • A dedicated class action website.
    • Direct notifications to individuals who previously expressed interest.

• Administrator Selection:

  • RicePoint Administration Inc. was chosen to manage the settlement distribution.
  • The court recognized RicePoint’s experience in handling class action settlements.

• Court’s Ruling:

  • The proposed Notice Plan was found to be fair, reasonable, and effective.
  • The court approved the plan and authorized the Order as submitted by class counsel.
  • The total amount of the settlement, monetary award, or costs ordered was not specified..