Class Actions / Litigation
FMF Capital Group Ltd. Class Action - Settlement
In March 2005, FMF Capital Group Ltd. ("FMF") issued securities in an initial public offering ("IPO") to the Canadian public. The IPO was underwritten by a syndicate of 6 underwriters, led by BMO Nesbitt Burns, Inc. ("Nesbitt Burns"), and was effected pursuant to a prospectus. Following the IPO, FMF's securities began to trade over the Toronto Stock Exchange ("TSX").
On December 1, 2005, the law firm of Juroviesky and Ricci LLP filed a class action in the Oakland County Circuit Court, state of Michigan, on behalf of purchasers of FMF securities. The law suit sought to pursue remedies under the relevant Michigan Statutes, and certain common law doctrines.
On January 25, 2006, the law firm of Siskinds LLP filed a class action in the Ontario Superior Court of Justice on behalf of two individual investors who purchased FMF securities in the IPO, and subsequently over the TSX. Siskind's Quebec affiliate, Siskinds Desmeules, also filed in the province of Quebec.
The Class Actions named as defendants FMF, the underwriters of the IPO (including Nesbitt Burns), FMF's auditors, certain officers and directors of FMF and others. The Class Actions alleged that the prospectus contained misrepresentations, and that, subsequent to the IPO, certain of the defendants issued statements to the investing public that contained further misrepresentations.
As of November 29, 2006, the Defendants and Plaintiffs have entered into a settlement agreement. The settlement agreement was approved by orders of the Ontario Superior Court of Justice and the Quebec Superior Court.
In order to participate in, or opt-out of, this settlement, you will be required to complete a claim/opt-out form and submit such form [and other required documentation] to the claims administrator (Deloitte and Touche LLP) in accordance with the instructions outlined in the 'notice of certification and approval of settlement agreement [long form approval notice]' prior to the expiration of the relevant time period.
For the contents of the settlement agreement and/or other settlement documents, please see the following files/links:
FMF Settlement Agreement
English | French
Schedules, J and K attached to the Settlement Agreement refer to various draft Notices. These Schedules are not the most current versions of the Notices. The most recent versions of the Notices can be accessed separately below.
Additionally, the French translation of the Settlement Agreement does not include the Schedules. Please refer to the Schedules attached to the English version of the Settlement Agreement, except for the French version of Schedule B - Distribution Protocol, which may be accessed below.
Distribution Protocol
- Notice of Certification and Settlement Approval Hearings (Long Form) [English]
- Notice of Certification and Settlement Approval Hearings (Long Form) [French]
- Notice of Certification and Settlement Approval Hearings (Short Form) [English]
- Notice of Certification and Settlement Approval Hearings (Short Form) [French]
- Motion Record:
- Notice of Motion
- Affidavit of C. Scott Ritchie, Q.C., sworn January 10, 2007
- Affidavit of Mark L. Berenblut, sworn December 22, 2006
- Affidavit of Tim Gould, sworn January 10, 2007
- Affidavit of Archie Leach, sworn December 27, 2006
- Affidavit of Estelle Ruth Tritt Aspler, affirmed January 12, 2007
- Affidavit of Rebecca Bekhor, sworn January 16, 2007
- Affidavit of Mark Wayne Fisher, sworn January 4, 2007
- Affidavit of Stanley Sagan, sworn January 4, 2007
- Affidavit of Ursula Sagan, sworn January 4, 2007
- Affidavit of Giacinto Venditti, sworn January 8, 2007
- Affidavit of Ray Steele, sworn January 3, 2007
- Affidavit of Harvey T. Strosberg, sworn January 11, 2007
- Affidavit of Joel Rochon, sworn January 11, 2007
- Affidavit of Edith Reynolds, sworn January 10, 2007
- Affidavit of Roland Mansell, sworn January 11, 2007
- Supplementary Motion Record - Certification and Settlement Approval
- Affidavit of Monique L. Radlein, sworn January 23, 2007
- Affidavit of Nicole Young, sworn December 22, 2006
- Affidavit of Jonathane Ricci, sworn December 22, 2006
- Affidavit of Christopher Climo on behalf of TD Securities Inc., sworn January 8, 2007
- Affidavit of Julie Rochette on behalf of National Bank Financial Inc., sworn January 10, 2007
- Affidavit of Tanya Carty on behalf of BMO Nesbitt Burns Inc., sworn January 10, 2007
- Affidavit of Louwellyn D'Souza on behalf of Sprott Securities Inc., sworn January 10, 2007
- Affidavit of David Mitchell on behalf of Blackmont Capital Inc., and Canaccord Capital Corporation, sworn January 16, 2007
- Factum - Certification and Settlement Approval
- Motion Record - Approval of Class Counsel Fees and Disbursements:
(Note that where the following materials make reference to Affidavits, they reference the Affidavits listed above). - Factum - Approval of Class Counsel Fees and Disbursements
- Settlement Approval Order (Ontario Superior Court of Justice)
- Settlement Approval Order I of II (Quebec Superior Court)
- Settlement Approval Order II of II (Quebec Superior Court)
- Notice of Certification and Approval of Settlement Agreement (Short Form Approval Notice) [English]
- Notice of Certification and Approval of Settlement Agreement (Short Form Approval Notice) [French]
- Notice of Certification and Approval of Settlement Agreement (Long Form Approval Notice) [English]
- Notice of Certification and Approval of Settlement Agreement (Long Form Approval Notice) [French]
- Stipulated Order of Dismissal (Michigan Circuit Court)
For further information concerning this action, please contact our firm's Class Action Administration line at 1-877-578-7529 Ext. 450, or email us at info@jrclassactions.com.