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Business Development Bank of Canada
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Class Action against Business Development Bank of Canada
Background
On April 27, 2004, a class action was filed against the Business Bank of Canada
(the “BDC”) in Vancouver by the law firm of
Klein Lyons. The plaintiffs are pensioners of the Pension Plan for
Employees of the Business Development Bank of Canada (the “Plan”).
The Statement of Claim alleges that the BDC breached its fiduciary duties as
the Plan administrator in its use of the Plan’s surplus. More particularly, it
is pleaded that the BDC improperly charged administrative expenses of the Plan
to the pension fund (the “Fund”). It is also alleged that the BDC breached its
duty to act even-handedly among plan beneficiaries in its use of the Plan’s
surplus by, among other things, suspending contributions of active members to
the Plan, while failing to grant an equivalent and corresponding benefit to
retired Plan members. To view a copy of the Statement of Claim, please
click here.
Current Status
In November of 2005, the certification motion in this action was heard before
Mr. Justice Davies of the British Columbia Supreme Court. At the same time,
Justice Davies heard a motion by the defendants to stay this action on the
basis that B.C. was not the most appropriate forum and that the more
appropriate forum would have been the province of Quebec. In his reasons,
issued February 16, 2006, Justice Davies certified this action as a class
proceeding, and appointed Mr. Lucien Lieberman as Representative Plaintiff for
the following class:
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retired members, entitled to benefit payments from the pension
Plan for employees of the Defendant (the “Pension Plan”) with respect to
credited service prior to April 9, 1997;
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surviving spouses entitled to receive post-retirement survivor
benefits with respect to retired members' credited service prior to April 9,
1997;
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deferred vested members, entitled to benefit payments from the
Pension Plan with respect to credited service prior to April 9, 1997;
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spouses, beneficiaries and/or estates who are entitled to
pre-retirement or post-retirement survivor benefits due to a relationship with
persons in paragraphs (a) or (c); and
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the beneficiaries and/or estates of the above persons who died
prior to any settlement or judgement in this action. (the “Class”)
In his February 16, 2006 reasons, Justice Davies also dismissed the defendant’s
motion to stay this action. To view a copy of Mr. Justice Davies’ reasons,
click here.
The defendant sought leave to the British Columbia Court of Appeal to appeal
the decision of Mr. Justice Davies. Leave to appeal the decision was denied. To
view a copy of Madam Justice Saunders’ reasons denying leave to appeal, please
click here.
In January of 2007, the court approved the Notice of Certification in this
action. Copies of this Notice were mailed to members of the Class in January of
2007. To access a copy of the Notice of Certification, please
click here.
On May 16, 2007, a Notice of Change of Solicitor was filed with the Court,
advising that Koskie Minsky LLP has been appointed as co-counsel in this
matter, on behalf of the Plaintiff Class.
The parties are currently engaged in pre-trial preparation, and are in the
process of discovery. The parties attended a mediation in Vancouver on
Thursday, March 13, 2008, but there was no settlement reached. It is expected
that this matter will proceed to trial in 2009.
Class Members
Class members resident outside of the Province of British Columbia on February
16, 2006 must opt in to be considered members of the class; if they do not do
so, they will not be bound by the decision of the Court. Class members resident
in the Province of British Columbia on February 16, 2006 are automatically
considered to be members of the class, and must opt out if they do not wish to
be bound by the decision of the Court. Individuals who do not remain members of
the class will be required to retain their own counsel or act on their own
behalf should they wish to pursue a claim.
To view a copy of the opt in form (Non-residents of British Columbia)
click here. To view a copy of the opt out form (Residents of British
Columbia) click here.
Opt in and opt out forms must be mailed or delivered no later than 60 days
prior to the commencement of the trial in this action to the following address:
Klein Lyons
Barristers & Solicitors
1100 - 1333 West Broadway
Vancouver, BC V6H 4C1 There is no direct cost to you. These
actions are proceeding on a contingency fee basis. Class members will not be
required to pay any legal fees to the class action lawyers directly. If the
class action is successful at trial or settled, class counsel fees may be paid
out of the settlement or judgment proceeds as approved by the court.
IMPORTANT NOTE:
This website has been developed to provide general information to potential
class members.
The site is not designed to answer questions about your individual situation or
entitlement. Do not rely upon the information provided on this web site as
legal advice in respect of your individual situation or use it as a substitute
for individual legal advice.
Providing any information does not make you the client of Koskie
Minsky LLP. The Court will ultimately decide who will be included as
a class member.
This website will be updated from time to time to provide potential class
members with information as it becomes available.
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