Settlement reached with the Remaining Defendants – ParkLane Financial Corporation, Trafalgar Associates Limited, Trafalgar Trading Limited, and Appleby Services (Bermuda) Limited as the Trustee of the Bermuda Longtail Trust
On March 8, 2017, the Plaintiff entered into a settlement agreement with the remaining Defendants in this action.
Under the terms of the proposed settlement, the Remaining Defendants will pay to the Class $17,500,000 plus $164,931.50 of accrued interest in exchange for a full and final release of all claims brought in the proceeding.
The settlement also requires the dismissal of all Third Party Claims, cross-claims and counterclaims. It is intended to bring all aspects of the dispute to an end. The Remaining Defendants have not admitted any liability, and continue to strongly deny any wrongdoing.
The settlement requires the approval of the Court before it will take effect. The motion for approval of the settlement is scheduled for Friday, April 24, 2017. The notice advising of the settlement approval hearing, and your rights with respect to that hearing is posted below.
Class counsel will also be seeking approval for the payment of their legal fees and disbursements from the settlement fund, in accordance with the terms of their retainer agreement with the representative plaintiff. They will be asking the court to approve legal fees of $5,829,427.20, or 33% of the settlement fund (+ HST). In addition 10% of the net settlement must be paid to the Class Proceedings Fund as its levy.
The settlement agreement can be reviewed in full below.
The affidavits of Class Counsel and of the representative plaintiff, Mr. Cannon, which set out why they have concluded that this settlement is fair and reasonable and in the best interests of the class will also be posted below, by no later than March 31, 2017.
Questions regarding the proposed settlement should be directed to:
Cannon Fully Executed Settlement Agreement
Notice of Settlement Hearing (English)
Notice of Settlement Hearing (French)
Affidavit of the Representative Plaintiff, Mr. Cannon
Affidavit of D Fogel re Fee Approval – affirmed April 12 2017
Affidavit of D Fogel re Settlement Approval – affirmed April 13 2017