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National Trust
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For more information call us at 1.800.451.3225 |
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Status as at August 24, 2004
The latest AFTER news
Previous updates are archived on this site. Click
here to review them.
In our last update on July 26, 2004 click here,
we advised that we were still awaiting the Supreme Court of Canada (SCC)
decision in the Monsanto case, which was heard in Ottawa on February 16, 2004.
As previously advised, both Scotiabank (through National Trust Company - NTC)
and AFTER were interveners.
SUCCESS!! - The Monsanto case judgment was rendered by the 7-judge Supreme
Court panel on July 29th, 2004 and was in our favour, in a decisive 7-0 ruling.
We are now being flooded with calls from supporters asking what this means to
our negotiations with National Trust/Scotiabank. It is worth reminding all that
the Monsanto case was of legal significance to the 934 former NTC employees who
were part of Scotiabank's partial wind-up of our pension plan in 1999. The Bank
is now required to deal with this group regarding their share of the Plan
surplus, however, the SCC did not prescribe how this should occur.
Notwithstanding the above, as advised in our last update, our lawyers and
actuaries continue the process with their counterparts for Scotiabank, working
towards a negotiated settlement for all constituent groups within the National
Trust Pension Plan, not just those affected by the Monsanto judgment.
Confidentiality issues prevent us from conveying more details at this time,
however, we will continue with periodic updates via this website.
Please spread the news to your NTC colleagues who may not have heard of these
developments and others who may not have access to the internet for our
updates. Otherwise, they are encouraged to contact their local Committee
Member(s) with any questions they may have.
Thank you for your continued interest and patience.
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