UPDATE: Settlements with Law Firm Defendants and with FFCF/Gleeson Defendants

Further to our original post of October 22, 2013:

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 to be viewed here:

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

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.

The notice advising the Class Members of the settlement will be sent to the last known address for all Class Members at the end of November 2013. In addition, the Class will be sent a prepopulated claim form, which must be completed, signed and returned to the Claims Administrator (not to Class Counsel) in order to claim a pro rata share of the net settlement fund. The notice is found here: English and French.

PDF IconThe notice advising the Class Members of the settlement are now available:

Updated January 16, 2014.