This class proceeding concerns the allegedly improper withdrawal of pension plan funds to pay for administrative costs and investment fees.
The claim alleges that the Canada Life Assurance Company (the “Company”) and the current Trustees of the Canada Life Canadian Employees Pension Plan (the “Plan”) improperly withdrew/applied the Plan’s funds to pay for Plan expenses including administration costs and investment fees. It is alleged that the Company and the Trustees breached their fiduciary obligations and committed breaches of trust and contract and the action seeks to have the amounts that were paid out of, charged to or reimbursed from the Plan’s fund, either paid to the class members, or returned to the Plan fund.
The class of persons this action seeks to represent is comprised of all persons, wherever resident, who are members, former members and other persons entitled to benefits or payments under the Plan between the date that the Company ceased paying all costs and expenses in connection with the administration of the Plan and the date an order is made certifying this action as a class proceeding.
This action also seeks to represent a sub-class comprised of all persons, wherever resident, who are members, former members and other persons entitled to benefits or payments under the Plan, and who were affected by the partial wind up of the Plan declared as at July 10, 2003 (the “Partial Wind Up Date”), and their estates and beneficiaries.
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