2024 ONSC 4780 (August 29, 2024)

• The court approved the dissemination of settlement notices for a class action involving investments in a syndicated mortgage related to the Orchard real estate project?.
• The Plaintiffs entered into a settlement agreement with certain defendants, including FMP Mortgage Investments Inc., Michael Daramola, Tonino Amendola, and Graham McWaters.
• A settlement approval hearing was scheduled for January 9, 2025?.

2025 ONSC 635 (January 30, 2025)

• The court approved the settlement agreement, officially resolving claims against the FMP Defendants?.
• The settlement totaled $3,000,000, covering legal fees, disbursements, and other expenses?.
• The settlement represented 75% of the maximum available insurance under FMP’s policy?.
• Class action certification was granted for the settlement?.
• The court approved class counsel fees of $750,000 plus taxes, as well as disbursements?.

Final Outcome

• The settlement of $3,000,000 was approved and will be distributed among class members.
• The court deemed the settlement fair and reasonable in the best interests of the class?.