Participating Co-Operatives of Ontario Trusteed Revised Pension Plan
This class proceeding concerns the improper management of pension funds and their investments.
In 2002, the Financial Services Commission of Ontario issued an internal report that raised serious questions about the Participating Co-operatives of Ontario Trusteed Pension Plan’s (the “Plan”) lack of operational policies and procedures in the area of investment policies and practices, particularly dealings involving derivatives. The report also suggested there was inadequate supervision of agents, potential conflicts of interest regarding such agents and potential contraventions of the Ontario Pension Benefits Act.
This action alleges that the current and former trustees of the Plan, a former investment consultant and asset manager, the former and current Plan custodians, the actuaries and the legal advisors of the Plan acted negligently and breached their fiduciary duties in their governance of the Plan and in their investment and management of the Plan’s assets.
The action was certified as a class proceeding by Order of The Honourable Mr. Justice Winkler dated February 10, 2005.
A settlement of this action was reached between the parties and was approved by the Ontario Superior Court of Justice by order dated April 17, 2008. Briefly, the settlement provides for the payment of $13,926,195.50 to the Plan, less legal fees and expenses.
Koskie Minsky LLP also represented Plan members in related proceedings before the Financial Services Tribunal of Ontario. A mediated settlement was reached, whereby the Ontario Ministry of Finance agreed to pay $20,000,000.00 to the Plan.
The Parties sought and obtained an Order of the Financial Services Tribunal incorporating the terms of the Proposed FST Settlement on March 31, 2008.
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Latest Developments
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March 9, 2021
Class counsel successfully recovered $97,933.20 from the Workman defendants through enforcement proceedings in the Cayman Islands. In April 2020, the court ordered that Class Counsel pay this money to the pension plan Administrator for use in steps to locate unlocated Plan participants in order to pay them their entitlements. A copy of the court’s reasons can be found here. Any remaining monies will be paid into court. The Administrator has now carried out the court-ordered steps and the case has been discontinued.
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October 30, 2012
By order dated May 20, 2010, the Honourable Mr. Justice Cullity issued judgment in this matter against the remaining defendant, Mark Edward Workman, carrying on business as Whittacat Consulting Associates, and Whittacat Holdings Ltd. Following the issuance of the judgment, Class counsel commenced proceedings in the Grand Cayman Islands to seek enforcement of the judgment. Judgment has now been obtained from the courts of the Cayman Islands. Steps are being taken to enforce the judgment, and we will keep class members advised of the status of that proceeding as it progresses.
Furthermore, the appeal of the July 2010 FST Decision/Order that was brought by a plan member has been settled (for details on the appeal please refer to the letter from the Administrator that was sent to all plan members in October 2010). The plan member, the Administrator and FSCO were able to arrive at mutually acceptable terms of settlement. As in most cases of settlement, we understand that the specific terms are confidential but the Administrator has stated that it believes the settlement was a good result for the plan. The Administrator has indicated that option forms will be sent out by it shortly for those who have a choice to make as to where their money will be transferred once the annuity purchase is completed. The Administrator has advised that all member settlements (transfers and annuity purchases) are expected to occur later this year.
If Plan members have questions regarding their benefits under the Plan, they can contact Colleen MacDonald or Pauline Frenette at Morneau Shepell Ltd. At 1-888-667-6328.
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September 16, 2009
The court will hear the Plaintiffs’ motion for summary judgment against Mark Edward Workman (carrying on business as Whittacat Consulting Associates) and Whittacat Holdings Ltd.
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April 17, 2008
The settlement of this action was approved by the Ontario Superior Court of Justice.
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March 31, 2008
The Parties sought and obtained an Order of the Financial Services Tribunal incorporating the terms of the Proposed FST Settlement.
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April 1, 2005
Notice of Certification was disseminated, indicating, among other things, that Class Members were entitled to opt-out of the class proceeding by delivering written notice to Koskie Minsky LLP on or before June 30, 2005.
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February 10, 2005
This action was certified as a class proceeding by Order of the Honourable Mr. Justice Winkler.
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March 9, 2021
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News Releases and Reports
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Documents
- May 21, 2010 Endorsement on Costs dated May 21, 2010
- November 18, 2005 Amended Statement of Defence and Crossclaims of the Defendants Michael Barrett et al. amended November 18, 2005
- November 14, 2005 Amended Statement of Defence and Crossclaim of Workman/Whittacat amended November 14, 2005
- February 10, 2005 Order of Justice Winkler dated February 10, 2005 (Certification)
- February 1, 2005 Statement of Defence and Crossclaim of the Defendants Torys LLP dated February 1, 2005
- April 20, 2004 Statement of Defence of Canada Trust Company dated April 20, 2004
- April 1, 2004 Statement of Defence and Crossclaim of Louis Ellement dated April 1, 2004
- April 1, 2004 Statement of Defence of Turnbull dated April 1, 2004
- March 31, 2004 Statement of Defence and Crossclaim of Cooper dated March 31,
- February 24, 2004 Statement of Defence of CIBC dated February 24, 2004
- September 19, 2003 Fresh as Amended Amended Statement of Claim
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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…
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Contacts
