EN /FR
Kinross Gold Corporation
This shareholder class action was commenced on March 12, 2012. It concerns allegations that the public filings of Kinross Gold Corporation contained false and misleading statements about Kinross’s Tasiast mine in West Africa. The plaintiffs allege that Kinross made a number of positive statements regarding the Tasiast mine from February 16, 2011 and leading up to a press release from Kinross on January 16, 2012. The January 16 press release indicated that the Tasiast mine would require significant capital expenditures in part because of Kinross’s “increased understanding of the Tasiast orebody”. The press release also stated that Kinross expected to record a material non-cash accounting charge, primarily related to the goodwill recorded for the Tasiast mine. That accounting charge was later revealed to be approximately $2.49 billion. The claim alleges that the January 16 announcement led to a significant drop in Kinross’s share price and billions of dollars in shareholder losses.
The proposed class of persons in this class action generally includes persons, including non-Canadians, who acquired Kinross shares in a Canada market such as the Toronto Stock Exchange between February 16, 2011 and January 16, 2012, inclusive.
If you are interested in receiving email updates about this class action please complete the Class Action Information Form.
Koskie Minsky LLP represent the plaintiffs in this action.
-
Latest Developments
-
October 27, 2016
The plaintiffs are bringing a motion seeking: (a) approval of the methodology used by the settlement administrator to convert US currency and to accept bulk claims; and (b) a conditional order discharging the settlement administrator. A copy of the motion record and factum are available here.
-
August 31, 2015
The period for making claims in the settlement has expired. The settlement administrator will proceed with the administration of the settlement.
-
June 22, 2015
The Plaintiffs’ motion for approval of the settlement in this matter was approved. A copy of the order approving the settlement is available here. To view the Notice of Settlement please click here.
How to Make a Claim: You must file an electronic claim to participate in the settlement. All members of the Class who wish to obtain a payment under the settlement in this proceeding must complete and submit an electronic Claim Form by August 31, 2015 to the Claims Administrator at the following address: www.classactionsettlement.ca/kinross. Paper claim forms are available upon request. For more information, call: 1-888-236-0315, email kinrossclassaction@marsh.com or visit: www.classactionsettlement.ca/kinross.
If you wish to opt out, you may do so by completing an “Opt-Out Form” and sending it to Koskie Minsky LLP at the following address by July 31, 2015: Emily Corner, Koskie Minsky LLP 20 Queen St. West, Suite 900, Box 52, Toronto, ON, M5H 3R3.
-
June 14, 2015
The motion to approve the settlement and class counsel fees will be heard on June 17, 2015.
-
June 5, 2015
The plaintiffs have filed their motion record and factum in support of the motion for settlement and fee approval. The motion record is available here. The factum is available here.
-
April 28, 2015
The Plaintiffs have entered into a proposed settlement with the Defendants for CAD$12.5 million, subject to court approvals. A copy of the Settlement Agreement is available here. To view the Notice of Proposed Settlement, please click here.
Persons intending to object to the Settlement Agreement must provide their objection in writing to Koskie Minsky LLP at the address below by June 8, 2015:
Koskie Minsky LLP
20 Queen St. West,
Suite 900, Box 52, Toronto, ON, M5H 3R3
Re: Kinross Class Action
Email: kinrossclassaction@kmlaw.ca -
February 11, 2015
The plaintiffs have sought leave to appeal to the Supreme Court of Canada.
-
December 17, 2014
The appeal of the certification and leave decision to the Court of Appeal was dismissed.
-
June 11, 2014
The appeal of the certification and leave decision was heard on June 11, 2014 before the Ontario Court of Appeal. The Court of Appeal has reserved its decision.
-
April 22, 2014
The appeal of the certification and leave decision is scheduled for June 11, 2014 before the Ontario Court of Appeal. The plaintiffs will argue that the motion judge erred in refusing certification of the action as a class proceeding and in refusing to grant leave to proceed with misrepresentation claims under the Ontario Securities Act.
-
January 20, 2014
The plaintiffs have filed a notice of appeal in this action. The appeal has been transferred to the Court of Appeal.
-
November 5, 2013
The Honourable Justice Perell denied the plaintiffs’ motions for leave and for certification. A copy of the decision is available here. The plaintiffs intend to file their notices of appeal by the end of November.
-
September 9, 2013
The Honourable Justice Perell granted the plaintiffs’ motion for carriage of this class proceeding and ordered that no other actions may be commenced in Ontario regarding the subject matter of this action without leave of the Court. Justice Perell’s September 9, 2013 Order in this regard can be viewed here.
-
September 6, 2013
The plaintiffs await the delivery of the defendants’ factum on the leave and certification motion, which is to be delivered by October 1, 2013.
-
August 21, 2013
The plaintiffs have now delivered their factum (written argument) for the leave and certification motions to be heard by Justice Perell in October 2013. The plaintiffs’ factum can be viewed here.
The defendants are to deliver their responding factum by October 1, 2013.
-
July 26, 2013
The Honourable Justice Perell approved the plaintiffs’ motion for third party funding of adverse costs. To view the decision please click here.
-
July 23, 2013
The Honourable Justice Perell granted the plaintiffs’ motion for approval of third party funding in this class proceeding. The Order granting approval of the funding agreement can be viewed here. Justice Perell’s Reasons for granting the motion are to follow and will be posted to this webpage in due course.
-
July 18, 2013
Cross-examinations of affiants for the plaintiffs and defendants on the leave and certification motions are now complete.
The parties will file their respective facta on the leave and certification motions as follows:
August 15, 2013: Plaintiffs to serve factum (written argument)
October 1, 2013: Defendants to serve responding factum
October 15, 2013: Plaintiffs to serve reply factum
The Plaintiffs’ funding approval motion will be heard by Justice Perell on July 22, 2013. The Plaintiffs’ factum on the funding approval motion can be viewed here.
-
June 20, 2013
The defendants have delivered a responding motion record in response to the plaintiffs’ reply motion record.
Cross-examinations of affiants for the plaintiffs and defendants on the leave and certification motions are currently underway and are now expected to be complete by July 17, 2013.
The plaintiffs have brought a motion to approve a funding agreement entered into by the plaintiffs and a third party funder.
The funding approval motion is to be heard by the Honourable Justice Perell on July 22, 2013.
-
May 13, 2013
The plaintiffs have delivered a reply motion record regarding the motion for certification and leave pursuant to the Securities Act.
Cross-examinations of witnesses who swore affidavits in connection with these motions are to be completed by June 28, 2013.
-
April 12, 2013
The defendants have now delivered their affidavits in response to the plaintiffs’ motion record regarding the motion for certification and leave pursuant to the Securities Act.
Cross-examinations of witnesses for the plaintiffs and defendants are to take place by June 28, 2013.
-
March 5, 2013
Pursuant to the court ordered litigation schedule, the plaintiffs expect to receive the defendants’ responding motion record on the certification motion and leave to proceed with misrepresentation claims under the Securities Act, by March 30, 2013.
-
January 17, 2013
The plaintiffs continue to wait for delivery of the defendants’ responding motion record on the certification motion and leave to proceed with misrepresentation claims under the Securities Act, which is to be served by March 30, 2013.
-
December 10, 2012
The class action commenced in St. Catharines making similar allegations against Kinross Gold and the other defendants was discontinued by the Order of the Honourable Justice Perell on December 10, 2012. To view the Order please click here. Koskie Minsky LLP is now prosecuting the only class action against Kinross Gold in Canada on the allegations outlined in the Amended Statement of Claim.
-
November 7, 2012
The class actions commenced in Alberta and British Columbia have now be discontinued. To view the Notices of Discontinuance for these actions please click here.
-
October 3, 2012
The plaintiffs’ motion record for the certification motion and motion for leave to proceed with misrepresentation claims under the Securities Act has been filed.
-
October 2, 2012
The court has set a schedule for the hearing of the motion for certification of this action as a class proceeding and the motion for leave to proceed with misrepresentation claims under the Securities Act. Both motions will proceed on October 22, 23, 24 and 25, 2013 with the following schedule leading to the motions:
September 30, 2012: Plaintiff to serve its motion record, which includes expert evidence (completed)
March 30, 2013: Defendants to serve its responding motion record
April 30, 2013: Plaintiffs to serve reply motion record
June 28, 2013: Cross-examinations to be completed
August 15, 2013: Plaintiffs to serve factum (written argument)
October 1, 2013: Defendants to serve responding factum
October 15, 2013: Plaintiffs to serve reply factum
-
July 1, 2012
We have now resolved the carriage matter and Koskie Minsky LLP has carriage of this class proceeding. There will therefore be no carriage motion on November 13, 2012.
-
June 21, 2012
There will be a carriage motion in this action on November 13, 2012. This motion is necessary because two individuals commenced another class action in St. Catharines making similar allegations against Kinross Gold and the other defendants. The purpose of the carriage motion is for the court to decide which of the two class actions that have been commenced in Ontario should proceed. We are confident we will succeed in the motion. Irrespective of the outcome, a class action will proceed against Kinross Gold.
-
May 25, 2012
An Amended Statement of Claim was filed by the plaintiffs on May 25, 2012.
- April 12, 2012
- March 12, 2012
-
October 27, 2016
-
Documents
-
Motions
-
Certification and Leave
- November 5, 2013 Reasons for Decision
- August 21, 2013 Factum of the Plaintiffs (Certification and Leave)
- May 7, 2013 Reply Motion Record of the Plaintiffs (Motion for Certification and Leave Pursuant to the Ontario Securities Act Returnable October 22-25, 2013)
- October 3, 2012 Motion Record of the Plaintiffs' (Motion for Certification and Leave pursuant to the Ontario Securities Act Returnable October 22-25, 2013)
-
Third Party Funding
-
-
Motions
-
FAQS
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.
What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.
How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?>
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
I still have questions…
Please feel to contact us by using the contact information on this site.
