LAWSUITS NEWS & LEGAL INFORMATION
CP Ships Securities Litigation Notice of $12 Million Settlement Approval
This is a settlement for the Securities/Stock Fraud lawsuit.
Toronto, ON: This notice is to all Canadian citizens or individuals or entities resident, domiciled, or headquartered in Canada, or organized under the laws of Canada or a Canadian province (other than Excluded Persons, as defined below), who acquired securities of CP Ships Limited ("CP Ships") during the period from January 29, 2003 to and including August 9, 2004 ("Class Period"), and held some or all of those securities on August 9, 2004 ("Class Members").
In 2005, class actions were commenced in Ontario, British Columbia and Quebec against CP Ships and certain of its current and former officers and directors (the "Defendants"). On August 28, 2008, the Quebec Superior Court authorized as a class proceeding on behalf of a national class. Subsequently, on June 3, 2009, the Ontario Superior Court of Justice certified a class consisting of Canadian citizens and entities not included within the Quebec Class. By Orders issued by the Quebec Superior Court and the Ontario Superior Court of Justice (the "Courts") dated January 18, 2010 and February 3, 2010, respectively, the courts approved the Settlement Agreement reached between the parties to the class actions. The B.C. action was discontinued as part of the approval process. The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.
The Settlement Agreement provides for the settlement of the claims of all Class Members for the sum of $12.8 million (the "Settlement Amount"). The Settlement Amount will be held in an interest bearing account by Class Counsel until the monies are distributed to the Class. The amount of each Class Member's compensation will be calculated by application of the formulae outlined in the Distribution Protocol.
ADMINISTRATION OF THE SETTLEMENT AGREEMENT
The Courts have appointed NPT RicePoint Class Action Services ("NPT RicePoint") as the Administrator of this Settlement Agreement. NPT RicePoint will oversee the claims processes (described below) and will distribute the Settlement Amount.
Those Class Members who wish to receive compensation from the Settlement Amount must mail or otherwise submit a completed Claim Form, and any supporting documentation to the Administrator, postmarked no later than Monday, June 7, 2010, at the following address:
CP Ships Ltd. Securities Litigation
Claims Administrator
P.O. Nox 3355
London, ON N6A 4K3
Published on Mar-8-10
In 2005, class actions were commenced in Ontario, British Columbia and Quebec against CP Ships and certain of its current and former officers and directors (the "Defendants"). On August 28, 2008, the Quebec Superior Court authorized as a class proceeding on behalf of a national class. Subsequently, on June 3, 2009, the Ontario Superior Court of Justice certified a class consisting of Canadian citizens and entities not included within the Quebec Class. By Orders issued by the Quebec Superior Court and the Ontario Superior Court of Justice (the "Courts") dated January 18, 2010 and February 3, 2010, respectively, the courts approved the Settlement Agreement reached between the parties to the class actions. The B.C. action was discontinued as part of the approval process. The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.
The Settlement Agreement provides for the settlement of the claims of all Class Members for the sum of $12.8 million (the "Settlement Amount"). The Settlement Amount will be held in an interest bearing account by Class Counsel until the monies are distributed to the Class. The amount of each Class Member's compensation will be calculated by application of the formulae outlined in the Distribution Protocol.
ADMINISTRATION OF THE SETTLEMENT AGREEMENT
The Courts have appointed NPT RicePoint Class Action Services ("NPT RicePoint") as the Administrator of this Settlement Agreement. NPT RicePoint will oversee the claims processes (described below) and will distribute the Settlement Amount.
Those Class Members who wish to receive compensation from the Settlement Amount must mail or otherwise submit a completed Claim Form, and any supporting documentation to the Administrator, postmarked no later than Monday, June 7, 2010, at the following address:
CP Ships Ltd. Securities Litigation
Claims Administrator
P.O. Nox 3355
London, ON N6A 4K3
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