Business Development Bank of Canada
This class proceeding deals with the improper charging of administrative expenses to a pension plan, and the right of retirees to be treated in an even-handed manner in respect of benefits under the plan.
The claim alleges that the Business Development Bank of Canada (“BDC”) breached its fiduciary duties by improperly charging administrative expenses to the Pension Plan for Employees of the BDC (“Pension Plan”). It is also alleged that the BDC breached its duty to act even-handedly among plan beneficiaries in its use of the Pension Plan’s surplus by, among other things, suspending contributions of active members to the Pension Plan while failing to grant a corresponding benefit to retired Pension Plan members.
This action was certified as a class proceeding in February 2006. The class of persons this action represents is detailed in the Certification Decision, below. Generally, it is comprised of persons who were retired members, surviving spouses and deferred vested members of the Pension Plan with respect to credited service prior to April 9, 1997.
While this class proceeding was commenced in Vancouver by the law firm, Klein Lyons LLP, Koskie Minsky LLP was appointed as co-class counsel in May 2007.
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