This representative action against the Ontario Municipal Employees Retirement Board, Borealis Capital Corporation, Borealis Real Estate Management Inc., Ian Collier, R. Michael Latimer and Michael Nobrega alleges that the Defendants breached their trust and fiduciary duties owed to the Plaintiffs and all members of the Ontario Municipal Employees Retirement System Pension Plan (the “Plan”) and that the individual Defendants were unjustly enriched by entering into certain transactions which favoured them at the expense of the Plan. The Plaintiff seeks a series of declarations, damages and restitution to the OMERS Pension Fund (the “Fund”) on behalf of all Members of the Plan.
By reasons dated February 16, 2006, the Ontario Superior Court appointed Wyman MacKinnon as the representative Plaintiff on behalf of persons who have a present, future, contingent or unascertained interest in these proceedings.
IMPORTANT NOTICE: Justice Morawetz of the Ontario Superior Court of Justice approved the settlement agreement submitted by the parties as being fair, reasonable, and in the best interests of all represented persons. To view the signed, issued and entered Order of the Court, click here.
October 30, 2012
Justice Morawetz of the Ontario Superior Court of Justice approved the settlement agreement submitted by the parties as being fair, reasonable, and in the best interests of all represented persons. To view the signed, issued and entered Order of the Court, click here. This case is therefore concluded.
August 3, 2012
Justice Morawetz of the Ontario Superior Court of Justice released Reasons for Decision in support of the settlement approval order. To view the Court’s Reasons for Decision, click here.
June 28, 2012
Justice Morawetz of the Ontario Superior Court of Justice approved the settlement agreement submitted by the parties as being fair, reasonable, and in the best interests of all represented persons. To view the signed, issued and entered Order of the Court, click here.
May 15, 2012
On May 8 and May 12, 2012 the Notice was published in the Toronto Star. The Court granted an Order approving the publication on these dates. You can view the Order and Endorsement here.
April 30, 2012
The parties have reached a proposed settlement, subject to Court Approval. The Settlement Approval hearing is proceeding on June 28, 2012. An Order was issued on April 30, 2012 approving the attached Notice. Please also read the Motion Record for further information.
March 19, 2012
The parties are continuing the mediation process to determine if the issues in the action can be resolved.
March 21, 2011
The parties are engaging in a mediation process to determine if the issues in the action can be resolved.
December 13, 2007
The Court of Appeal for Ontario granted the Plaintiff’s appeal of the decision of The Honourable Mr. Justice Ground thereby re-establishing most of the claims asserted by the Plaintiff.
February 16, 2006
In reasons dated February 16, 2006, The Honourable Mr. Justice Ground appointed Wyman MacKinnon as representative of Plan members. The Honourable Mr. Justice Ground also struck the Plaintiff’s claims as against the Defendants BCC, Nobrega and Collier, as well as several of the claims as against BREMI and Latimer.
- October 30, 2012
- August 3, 2012 Endorsement
- June 28, 2012 Order
- June 28, 2012 Motion Record of the Plaintiff (Motion for Settlement Approval)
- May 15, 2012 Endorsement
- May 15, 2012 Order
- April 30, 2012 Press Release Issued by CUPE National, CUPE Ontario and OMERS
- April 30, 2012 Summary & Report of Stanley M. Beck
- April 30, 2012 Settlement Agreement and Mutual Release
- April 30, 2012 Notice of Hearing to Approve Settlement of Omers/Borealis Lawsuit
- April 30, 2012 Order
- December 13, 2007 Reasons of Justice Gillese
- November 12, 2005 Notice of Court Proceedings
- October 26, 2005 Order of Justice Ground
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.
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