Manulife Financial Corporation class action tentatively settled
The law firms of Siskinds LLP, Cavalluzzo Shilton McIntyre Cornish LLP, and Siskinds, Desmeules sencrl are pleased to announce the settlement of class actions against Manulife Financial Corporation (TSX and NYSE: MFC) and certain of Manulife's former officers.
The actions, which were filed in the Ontario Superior Court of Justice and the Québec Superior Court, allege, among other things, that the Defendants misrepresented the adequacy of Manulife's risk management practices and failed to disclose the extent of the Company's exposure to equity market and interest rate risks between 2004 and early 2009. The Quebec action was authorized to proceed by the Quebec Superior Court by order dated July 8, 2011. The Ontario action was certified and granted leave to proceed under the Ontario Securities Act by order dated April 22, 2014.
The parties to the Ontario and Québec actions have agreed to settle the plaintiffs' claims for CAD$69 million. The settlement agreement is made without any admission of liability, wrongdoing or fault by the defendants.
In absolute dollar terms, the settlement is one of the largest securities settlements in Canadian history.
"We are proud to have obtained such a substantial settlement on behalf of Manulife investors," said Daniel Bach, a partner in the Siskinds LLP Class Action Department and co-counsel to the Plaintiffs. "This settlement will deliver immediate and meaningful compensation to Class Members."
"Our clients are pleased with the settlement, which they and we consider a fair and reasonable outcome for Class Members" said Michael Wright, a partner with Cavalluzzo Shilton McIntyre Cornish LLP and co-counsel to the Plaintiffs. "Reaching this outcome required years of litigation and we are gratified to have reached a positive result."
The settlement agreement remains subject to the approval of the Courts of Ontario and Québec. A further notice will be published to advise class members of, among other things, the dates on which the Courts will consider the plaintiffs' motions for approval of the settlement agreement.
About Class Counsel:
Siskinds LLP is a full-service law firm with offices in Toronto and London, and affiliate offices in Montreal and Québec City. Siskinds' leading securities class actions team is complemented by lawyers at Siskinds' affiliate, Siskinds, Desmeules.
Cavalluzzo Shilton McIntyre Cornish LLP is a Toronto boutique law firm with specialized expertise in litigation on behalf of working people. Cavaluzzo has been counsel on a number of the leading Canadian employment, pension and benefit class actions.
SOURCE Siskinds LLP