Sutts, Strosberg LLP and Groia and Company Professional Corporation are counsel in a proposed class action against Aurcana Corporation (“Aurcana”) and certain others in the Ontario Superior Court of Justice (the “Court”). The plaintiffs allege that the defendants made a misrepresentation regarding the resource levels and production capacity of the Shafter Mine in Texas.
The parties have reached a proposed settlement of the action, without admission of liability, which is subject to the approval by the Court. The settlement is a compromise of disputed claims. The defendants have denied and continue to deny all allegations of wrongdoing, fault, liability or damage in respect of the claims alleged in the class action.
THE TERMS OF THE PROPOSED SETTLEMENT
The defendants will pay $4,000,000 in full and final settlement of all claims against them. The settlement funds, less the lawyers’ fees approved by the Court and administration costs, will be distributed to or on behalf of the Class Members. The Settlement Agreement may be reviewed here.
LAWYERS’ FEES, DISBURSEMENTS AND TAXES
The lawyers for the Class Members will ask the Court to approve legal fees in the amount of 33 percent of $4,000,000, being $1,320,000, plus disbursements, plus taxes.
THE COURT HEARING
The Court will be asked to certify the action as a class action and approve the proposed settlement and the lawyers’ fees, disbursements and taxes at a hearing. The hearing has been scheduled for April 10, 2015, beginning at 10:00 a.m. at the court house, 245 Windsor Avenue, Windsor, Ontario. Justice Patterson’s order may be reviewed here. Notice of the settlement approval hearing may be reviewed here. (English) (French)
If you have any questions, please call Sutts, Strosberg LLP at 1.800.229.5323, extension 8296.
If you would like to know more about how a class action works, click here.