We are pleased to report that the Surplus Sharing Agreement was approved by the Honourable Justice Perell of the Superior Court of Justice at the Settlement Hearing of January 27, 2012. His Honour has released the reasons for his decision, and they are available here.
The parties will now proceed with the regulatory phase of the Proposal, as described in Document D of the Information Package (p. 17). You may refer to this document online here.
A motion to certify the court action as a class proceeding was heard in the Ontario Superior Court of Justice on October 18, 2011. Today the Honourable Mr. Justice Perell released his decision, granting the motion. A copy of the decision may be viewed here. Further information will be posted on this page and on the Koskie Minsky website as it becomes available.
Over 82% of the members of the Integration Partial Windup Group, have voted in favour of the Settlement Proposal, meeting the required threshold under the Proposal. In addition, in excess of 87% of the Non-Partial Windup Group, measured by liabilities, have voted in favour of the Proposal. In addition, the thresholds for consent for the Indago and Pelican groups have been met.
We are pleased to advise that the Proposal will now proceed to the first step of the implementation phase, which includes 1) a hearing to certify this action as a class proceeding; 2) an “opt out” period; and, 3) a settlement approval hearing. We will be updating this website in the near future to advise affected Plan members of the dates for the next steps in this process.
Members of the Surplus Sharing Group who have not yet voted are encouraged to do so as soon as possible, in order to ensure that they participate in the Proposed Settlement.
Any individuals who wish to confirm that their Decision Form has been received can do so by contacting Koskie Minsky LLP by email to canadalifeclass@kmlaw.ca or by telephone at 1-800-286-2266.
A follow-up letter was sent on May 5, 2011 to those plan members who had not yet responded to the Proposal. The letter and additional information have been posted here.
In order to address some common questions about the Settlement Proposal from plan members, Koskie Minsky has posted 2 Notices on its website, one to Active Employees and one to Pensioners. Please note that these are pdf files and will require Adobe Reader. You may also access these files by going to http://koskieminsky.com/Case-Central/ and following the Canada Life Assurance Company link.
Versions françaises:
The settlement proposal has now been finalized. Information packages were mailed to affected pension plan members on March 7, 2011. With the exception of Sections E and F which contain individual information, the entire package is available for viewing here. Section G contains contact information for help with any questions or concerns you may have, as well as details of the information meetings scheduled in various locations during April 2011. If it is possible for you to attend one of these information sessions, we strongly urge you to do so.
Please note that the above files are in pdf format and require Adobe Reader to view them. If you do not have this software on your computer, you may download it free of charge from Adobe Reader.
Page Last Revised
13 Feb 2012