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Canada Life Assurance Company (SERP)
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For more information you may send us an
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Dated: December 13, 2007
CLASS ACTION REGARDING THE PARTIAL WIND-UP OF THE CANADA LIFE
CANADIAN SUPPLEMENTAL PENSION PLAN (the "SERP")
On August 30, 2007, Koskie Minsky LLP commenced a
class action against the Canada Life Assurance Company ("Canada Life") and the
current Trustees of the SERP regarding the partial wind-up of the SERP,
effective January 31, 2005.
The plaintiff, Dennis Caponi, brings the action on behalf of the following
class: all persons, wherever resident, who are former employees of Canada Life,
and who were included in the partial wind-up of the SERP as of January 31,
2005, and their estates and beneficiaries (the "Class" or "Class Members").
Summary of the Claim
The plaintiff alleges the defendants are liable for breach of fiduciary duty,
breach of trust and breach of contract in relation to the partial wind-up of
the SERP. The plaintiff alleges that the defendants were not permitted to
wind-up the SERP, and in any event did not properly implement the partial
wind-up and pay the correct entitlements to the Class Members. In particular,
the plaintiff alleges that the defendants failed to provide timely and adequate
notice of the partial wind-up, they applied incorrect formulas and assumptions,
utilized inappropriate interest rates, and failed to compensate the Class
Members for possible adverse tax consequences. The plaintiff alleges that the
Class Members have been underpaid in the distributions and seeks damages for
payment of the correct amounts and other losses.
The action has not yet been certified as a class action and the case has not
yet gone to trial.
To view details of all allegations please see the Statement of Claim by
clicking here. To view the Notice of Action please
click here.
Please note that this action is different from a separate action in respect of
the main pension plan, details of which can be obtained by clicking
here.
If you are not a SERP plan member whose benefit has been wound-up, this
litigation does not apply to you.
Current Status
Counsel for the parties attended a Case Conference on December 11, 2007 and the
following timetable was set. The certification motion is scheduled for November
12 and 13, 2008.
| February 16, 2008 |
Plaintiffs to serve Certification Record |
| May 15, 2008 |
Defendants to serve Responding Certification
Records |
| May 30, 2008 |
Plaintiff to serve Reply Certification Record,
if any |
| June 30, 2008 |
Cross-examinations to be completed |
| September 5, 2008 |
Plaintiff to serve Certification factum |
| October 6, 2008 |
Defendants to serve Responding Certification
facta |
| October 17, 2008 |
Plaintiff to serve Reply Certification Factum,
if any |
| November 12 & 13, 2008 |
Two day Certification hearing |
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Class Member Information
Please note that 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 by the defendants or out of
the settlement or judgment proceeds as approved by the court.
If you believe you are a class member, please contact us and provide your
information and documents to the attention of the Canada Life Assurance SERP
Class Action c/o the Communications Department. We can be reached by telephone,
e-mail, fax or mail at:
Client Communications Department
Koskie Minsky LLP
20 Queen Street West, Suite 900 Box 52
Toronto, ON
M5H 3R3
Telephone: 1-800-451-3225
E-mail: canadalifeserp@kmlaw.ca
Fax: 416-204-2897
To view more information about how class actions work, please
click here.
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 and
you should retain independent legal counsel regarding your individual
entitlement. The Court will ultimately decide who will be included as a class
member in the class action, if certified.
This website will be updated from time to time to provide potential class
members with information as it becomes available.
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