 |
Colgate- Palmolive Canada
|
For more information please contact Colgate directly at 416
421-6000. |
|
Class Action against Colgate-Palmolive Canada
Inc.
UPDATE
We are happy to report that on May 12, 2003 Mr. Justice Winkler
approved the settlement in this matter.
The settlement agreement together with entitlements will be mailed to each
class member directly by Colgate- Palmolive Inc. ("Colgate").
In summary, for those who retired prior to 1991 the settlement results in an
increase of approximately 9.5% to your annual pension, representing 50% of the
increase in the consumer price index between 1992 and 2002. Others who retired
later receive an increase of 50% of the consumer price index changes between
their retirement date and 2002.
Please click on the "Court Documents" button to the left of this page to view a
copy of all relevant documents including the signed Order of Mr. Justice
Winkler.
BACKGROUND OF THE CLASS PROCEEDING
Mark
Zigler and
Kirk Baert of Koskie Minsky were retained by three Representative
Plaintiffs, who represented all members and former members of the
Colgate-Palmolive Canada Inc. Pension Plan for Salaried and Non-Union Hourly
Employees (the "Plan") with service under the Plan prior to 1990, in the class
action against Colgate. This matter was certified as a class proceeding by the
Honourable Mr. Justice Winkler on February 26, 2002.
Colgate provided us with the list of eligible members together with their last
known address. There are over 400 members or former members of the Plan who may
be entitled to compensation. We forwarded a copy of the Notice of Certification
to all eligible class members by regular mail.
A Statement of Claim was filed on July 14, 1999 on behalf of the Representative
Plaintiffs against Colgate for damages totalling $8.1 million:
-
$5.4 million arising from Colgate allegedly taking improper "contribution
holidays" with respect to its obligation to make annual contributions to the
Plan (during the period between January 1, 1983 and December 31, 1989); and
-
$2.7 million as a result of the allegedly improper transfer of assets and
liabilities of the Bristol-Myers Canada Inc. Retirement Income Plan to the Plan
and also for providing benefit improvements, which appeared to favour senior
management.
The Representative Plaintiffs claimed that Colgate's actions were a breach of
their:
-
contractual obligations under the Plan; and
-
fiduciary duty to act in the best interests of the members of Plan.
Colgate filed a Statement of Defence on August 12, 1999. In essence, they
denied taking any improper contribution holidays and denied any breach of their
contractual or fiduciary duty.
|
|