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In 2004, the plaintiffs commenced a class action against Atlas Cold Storage Holdings Inc. (“Atlas”) and others in the Ontario Superior Court of Justice. The plaintiffs allege that Atlas and others misrepresented the earnings of Atlas causing damages to the Class Members.
On July 9, 2008, Justice Lax certified the action as a class proceeding and approved a settlement. The defendants do not admit any wrongdoing or liability. The settlement is a compromise of disputed claims.
Some of the defendants will pay the sum of $40 million in full and final settlement of all claims, including Class Counsel Fees, administration costs and the Class Proceedings Fund levy.
The net settlement monies will be distributed in accordance with the court-approved and supervised Distribution Plan.