 |
Canada Life Assurance Company (Main Pension Plan)
|
For more information you may send us an
e-mail or call us at 1-800-286-2266 |
|
December 1, 2007 - Please click here for an announcement from the Executive Committee
of the Canada Life Canadian Pension Plan Members' Rights Group and the
Plaintiffs in the proposed Class Proceeding.
Pour consulter le document en français
Dated: September 5, 2006
>
Pour consulter le document en français
On April 12, 2005, Koskie Minsky LLP filed a class
action against the Canada Life Assurance Company (the "Company") and the
current Trustees of the Canada Life Canadian Employees Pension Plan (the
"Plan"). The Plaintiffs are both retirees and former members of the
Plan.
The Plaintiffs are requesting court certification to act on behalf of the
following proposed class members:
-
A Main Class
comprised of all persons, wherever resident, who are members, former members
and other persons entitled to benefits or payments under the Plan between the
date that the Company ceased paying all costs and expenses in connection with
the pension trust fund held in respect of the Plan and the date an order is
made certifying this action as a class proceeding or such other date as this
Court may determine, and their estates and beneficiaries; and
-
A Partial Wind Up Sub-Class comprised of all persons, wherever resident,
who are members, former members and other persons entitled to benefits or
payments under the Plan, and who were affected by the partial wind up of the
Plan declared as at July 10, 2003 (the "Partial Wind Up Date"), and their
estates and beneficiaries.
Summary of Claim
The claim alleges the Defendants are liable for breach of fiduciary
obligations, breach of trust and breach of contractual obligations in relation
to the Company's withdrawal of the Plan's funds to pay for Plan expenses
including administration costs and investment fees. The Plaintiffs seek to have
the amounts that were paid out of, charged to or reimbursed from the Plan's
fund, either paid to the Main Class by the Company, or returned to the fund.
The Plaintiffs further seek a declaration that the Company has no beneficial
interest in any assets of the Fund and that the Fund belongs exclusively to the
beneficiaries of the Plan. The Plaintiffs seek an order requiring the partial
wind up of the Plan to provide for the immediate distribution and payment of
surplus assets in the Plan's fund, to the Partial Wind Up Sub-Class, who have a
statutory entitlement to an immediate distribution of surplus.
In September 2005, the Statement of Claim was amended to add a third
representative Plaintiff. A similar class action against the Company had been
filed in February 2005 by a Plaintiff represented by Harrison Pensa LLP. The
amendment to the Statement of Claim essentially combines the two actions so the
matter can proceed most efficiently. To view details of all allegations please
see the Amended Statement of Claim by
clicking here. To view the Notice of Action please
click here.
Next Step
The next step in the litigation is the certification motion which is scheduled
to be heard in November 2006.
Class Member Information
Please note that if this action is certified, the class action will proceed on
a contingency fee basis, which means there is no direct cost to you. The
Court will set and approve the final amount of any legal fees awarded to the
lawyers directly from the Fund on a pro rata (case by case) basis. All
class members will have an opportunity to opt-out of the class if they so
desire, but will be required to retain their own counsel at their own cost or
act on their own behalf to pursue the claim.
To view more information about how class actions work, please
click here.
Further Information
Further information can be obtained at the
Harrison Pensa LLP website and at the
Canada Life Canadian Pension Plan Members' Rights Group website.
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 website as legal
advice in respect of your individual situation nor 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.
|
|