The settlement in this class action was approved by the Court on May 1, 2015. It is expected that payments to class members will be distributed within 90 days from June 1, 2015.
This class proceeding concerns the alleged improper partial termination and distribution of a pension plan (“partial wind-up”).
The action alleges that the Canada Life Assurance Company (“Canada Life”) and the current Trustees of the Canada Life Canadian Supplemental Pension Plan (the “SERP”) improperly implemented a partial wind-up of the SERP. It is alleged that the Defendants were not permitted to wind-up the SERP, and, in any event, did not properly implement the partial wind-up and pay the correct entitlements to the Class Members. The action alleges that the class members were underpaid in the distribution of the SERP and seeks damages for payment of the correct amount of their benefits.
This action was certified as a class proceeding by order of the Honourable Mr. Justice Cullity. The class of persons this action represents is set out in the Certification Order, below. Generally, the class is comprised of all persons, wherever resident, who are former employees of Canada Life, and who were included in the partial wind-up of the SERP as of January 31, 2005, and their estates and beneficiaries.
Koskie Minsky LLP represents the Plaintiff in this matter.