Kidd Creek Mines Pension Class Action
In the Kidd Creek Mines Pension Class Action, Koskie Minsky represented some 3200 class members, who had an interest in the Kidd Creek Mines Ltd. Retirement Income Plan for Employees (the “Plan”).
The claim alleged that Kidd Creek Mines Ltd. improperly withdrew surplus from the Plan on wind-up, which properly belonged to the class members. The action was certified as a class proceeding in June 1999.
In March 2002, a settlement was reached which provided for a payment of $5.7 million to the class members, including counsel fees and expenses. The Honourable Mr. Justice Winkler approved of the settlement on May 24, 2002. The settlement agreement provided that the settlement funds would be paid out to class members annually over 5 consecutive years.
By 2007 all of the settlement funds had been distributed to the class members.