Settlements with Law Firm Defendants and with FFCF/Gleeson Defendants

On Friday, October 18, 2013, the Ontario Superior Court of Justice approved the settlements with the Law Firm Defendants (including Edwin C. Harris Q.C.), and with the Funds for Canada Foundation, Mary-Lou Gleeson, Matt Gleeson and Gleeson Management Associates Inc. (the “FFCF/Gleeson Defendants”). The settlement agreements are available below.

The settlement with the FFCF/Gleeson Defendants is for $950,000, and requires them to co-operate in the ongoing prosecution of the action by producing documents and giving evidence.

The settlement with the Law Firm Defendants is for a minimum of $23,130,789 and a maximum of $27,242,843. The Law Firm Defendants will also be obliged to produce documents and give evidence.

The Court has awarded legal fees to Class Counsel of $7,048,210 plus taxes, which is 25% of the total settlement amounts, with leave to request up to an additional 8% or $2,255,427 plus taxes (up to 33% in total) after delivering further submissions to the Court.

The Class Proceedings Fund will be paid 10% of the settlement fund, after deduction of legal fees, as required by statute.

PDF IconThe Orders of the Court approving the Settlements are now available:
Settlement with the Lawyers
Settlement with the FFCF and Gleeson Defendants

A notice advising the Class Members of the settlement will be sent to the last known address for all Class Members after the 30 day appeal period expires. In addition, the Class will be sent a claim form, which must be completed, signed and returned to the claims administrator in order to claim a pro rata share of the net settlement fund. The notice and the claim form will also be posted on this website once the appeal period has expired.

Updated Nov 27, 2013.