Class Action Against Directors
On June 6, 2003, a class proceeding was commenced against Jean-René Halde and
Richard Ivey (the "defendants") as the directors of Irwin Toy. The notice of
action was issued on June 6, 2003. The statement of claim was filed on June 23,
2003. It seeks damages in the aggregate amount of $15 million for wages,
vacation pay, severance pay, termination pay, bonuses, expense reimbursement,
health benefits and unpaid pension plan contributions and other amounts owed,
jointly and severally by the directors, owed to the former employees of Irwin
Toy.
To view the notice of action, please click
here. The statement of claim can be viewed by clicking
here.
The defendants brought a motion claiming that leave (permission of the court)
was necessary to sue the directors. This motion was initially scheduled for
October 9, 2003. We are currently in discussions to resolve this matter. In the
interim, the motion has been postponed.
A case conference was held with Mr. Justice Nordheimer on September 9, 2003 at
which the parties agreed to a timetable for the action. The motion for
certification will be argued in January 2004. The plaintiff's certification
motion materials were served on the defendants and filed with the court in late
September 2003. The defendants' certification materials are due to counsel for
the plaintiff on November 15, 2003 and cross-examinations will be held during
the balance of November and December 2003.
The motion record can be viewed by clicking
here.
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