Montreal Trust
Koskie Minsky LLP represents certain members and former members of the Montreal Trust Pension Plan (2001) (the “Plan”). In February of 2006, an agreement was reached with Montreal Trust to share surplus in the Plan. In brief, the Surplus Sharing Agreement provides for the sharing of the surplus between the Plan member group and Montreal Trust, with 50% of surplus to be paid to the member group, and 50% to be paid to Montreal Trust, subject to certain adjustments, and after applicable legal, actuarial and other expenses have been paid.
In furtherance of the Surplus Sharing Agreement, Montreal Trust filed a Notice of Application in Ontario Superior Court, seeking, among other things, certification of a class proceeding and approval of the Surplus Sharing Agreement. This application was certified as a class proceeding by Order dated June 27, 2006. The Surplus Sharing Agreement was approved by Order dated October 3, 2006.
Montreal Trust’s subsequent application for surplus withdrawal to the applicable provincial pension regulatory authorities has now received the approval of these authorities. It is expected that payments of surplus to members will be made during the summer of 2009.
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Latest Developments
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October 15, 2009
Montreal Trust has advised us that surplus cheques have now been mailed to all sharing group members in this matter. Sharing Group members are encouraged to cash their surplus cheques as soon as possible, if they have not yet done so. Sharing group members who have not received their surplus cheques, perhaps because they have recently moved, are encouraged to contact us, so that we can ensure that Montreal Trust has their correct address.
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June 23, 2009
Montreal Trust has advised us that surplus statements were mailed to sharing group members on June 17, 2009.
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April 30, 2009
In light of the fact that the parties have now obtained the court’s approval for the payment of expenses from the pension plan, and that essentially all necessary regulatory and court approvals have been obtained, we are pleased to advise that the distribution of surplus may now proceed. Your Committee has been advised by Montreal Trust that they hope to begin the distribution of surplus to members in the summer.
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January 7, 2009
The Ontario Financial Services Tribunal allowed the appeal of the Member Committee and Montreal Trust, and directed the Ontario Superintendent of Financial Services to grant Montreal Trust’s application for surplus withdrawal. It is hoped that the distribution of surplus to members will take place before the end of the year.
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October 17, 2008
The appeal of the Ontario Superintendent of Financial Service’s Notice of Proposal proceeded before the Ontario Financial Services Tribunal. The Tribunal reserved its decision.
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March 10, 2008
The Ontario Superintendent of Financial Services issued a Notice of Proposal, proposing to refuse to consent to Montreal Trust’s application for surplus withdrawal. Both Montreal Trust and the Member Committee appealed this decision to the Ontario Financial Services Tribunal.
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July 12, 2007
A surplus withdrawal application was filed by Montreal Trust with all applicable provincial regulatory authorities. All applicable provincial regulatory approvals, save and except that of the Ontario regulator, were received before the end of 2007.
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November 30, 2006
The Plan was wound up, effective November 30, 2006.
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October 3, 2006
The Honourable Madam Justice Hoy of the Superior Court of Ontario issued an Order approving the Surplus Sharing Agreement.
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June 27, 2006
The Honourable Madam Justice Hoy of the Superior Court of Ontario issued an Order certifying Montreal Trust’s application as a class proceeding, on behalf of a class comprised of Plan members entitled to benefits or other benefits out of the Plan at the time of its termination, their estates and certain other individuals.
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October 15, 2009
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News Releases and Reports
- April 1, 2004 Committee Report, April, 2004
- April 1, 2004 Rapport du Comité, avril 2004
- November 12, 2002 Committee Letter, November 12, 2002
- November 12, 2002 Lettre du Comité, 12 novembre 2002
- September 1, 2002 Committee Letter, September, 2002
- September 1, 2002 Lettre du Comité, septembre 2002
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Documents
- January 6, 2009 Reasons for Decision of the Financial Services Tribunal dated January 7th, 2009
- March 9, 2008 Avis de proposition en date du 10 mars 2008
- March 9, 2008 Notice of Proposal dated March 10, 2008
- October 2, 2006 Order of Justice Hoy dated October 3, 2006
- October 2, 2006 Endorsement of Justice Hoy dated October 3, 2006
- October 2, 2006 Approbation supplémentaire du juge Hoy en date du 3 octobre 2006
- October 2, 2006 Ordonnance du Juge Hoy en date du 3 octobre 2006
- June 26, 2006 Approbation supplémentaire du juge Hoy en date du 27 juin 2006
- June 26, 2006 Ordonnance du Juge Hoy en date du 27 juin 2006
- June 26, 2006 Supplementary Endorsement of Justice Hoy dated June 27, 2006
- June 26, 2006 Order of Justice Hoy dated June 27, 2006
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Contacts
416-977-8353
