A certified and settled class action under the Class Proceedings Act 1992, involving a $20.3 million settlement and a $3.0 million Class Counsel Fee approved over three years ago in February 2021. The case involved contentious settlement approval motions and efforts to ensure parallel proceedings in other jurisdictions were stayed or dismissed.
Key Points:
The settlement process faced significant opposition and delays, notably due to actions by the Merchant Law Group in Saskatchewan.
After satisfying the conditions for settlement approval, Class Counsel requested several orders, including approval for a second notice program to Class Members, additional fees, and allocation of interest on the settlement funds.
Rulings/Findings:
Notice Program: Approval for a second notice program to inform Class Members of the claims process, with a cost of approximately $157,480.
Counsel Fee: Additional time spent by Class Counsel valued at $246,265.14 before taxes, with approved additional fees of $492,530.28, and an advance payment of $50,000 for future inquiries and claims process assistance.
Retroactive Fee Approval: Request for payment of $31,720 (or $35,843.60 with tax) for omitted dockets was denied, as the court had already adjudicated on counsel's fees.
Interest on the Settlement Fund: Interest earned on the settlement fund while held in trust, amounting to $2,125,676.41, with Class Counsel receiving $320,301.01 of the interest.
Class Proceedings Fund Levy: Adjustment of the levy to account for the increase in the settlement fund from interest, resulting in a revised levy of $2,000,596.58 for the Class Proceedings Fund.
Conclusion:
The court approved the recommended notice program, allocated interest on the settlement fund, and adjusted fees and the Class Proceedings Fund levy as requested by Class Counsel, reflecting the complexities and challenges faced during the settlement process.
