Penn West Petroleum Ltd.
The law firms of Koskie Minsky LLP and Sutts, Strosberg LLP are counsel in the Penn West Petroleum Ltd. (TSX: PWT) securities class action. The claim alleges wrongdoing against Penn West Petroleum Ltd. and its senior officers David E. Roberts, Murray R. Nunns, Todd H. Takeyasu, Frank Potter and James C. Smith. The claim is on behalf of all persons, other than certain persons associated with the defendants, who acquired securities of Penn West on the TSX or on an alternative trading market in Canada from and including March 17, 2011 to and including July 29, 2014, and held some or all of those securities at the close of trading on July 29, 2014.
The class action has settled. The settlement was approved in Ontario on May 31, 2016, in Quebec on June 13, 2016 and Alberta on June 27, 2016.
A claim for compensation in the settlement must be made by November 14, 2016.
For more information on this action and the settlement click here.
June 27, 2016
The Alberta settlement approval hearing was heard this day. The Honourable Madam Justice G.A. Campbell approved the settlement. Notice of settlement approval is expected to be disseminated shorty.
June 13, 2016
The Quebec settlement approval hearing was heard this day. The Honourable Michel A. Pinsonnault approved the settlement. The final settlement approval hearing in Canada will be held in Calgary on June 27, 2016.
May 31, 2016
The settlement approval hearing was heard in Toronto on May 31, 2016. The Honourable Justice Belobaba approved the settlement with reasons to follow. Settlement approval hearings in Montreal on June 13 and in Calgary on June 27 are next.
April 25, 2016
The Settlement Approval Hearing in Ontario will be heard on May 31, 2016 at the court house at 130 Queen Street West, Toronto, Ontario. Similar settlement approval hearings will be heard in Quebec on June 13, 2016 at the court house at 1, Rue Notre-Dame Street East, Montreal, Quebec and in Alberta on June 27, 2016 at the court house at 601, 5th Street Southwest, Calgary Alberta. Notice of the settlement approval hearings began to be disseminated on April 20, 2016. Attached is the April 20, 2016 press release. You can find a copy of the Settlement Agreement here.
February 18, 2016
The parties have entered into an agreement to settle all class action proceedings in Canada and the United States in relation to Penn West’s July 29, 2014 announcement regarding the restatement of its financial statements. Penn West has agreed to pay $53 million CAD to settle the claims.
Settlement approval hearings will be scheduled in the near future.
February 12, 2016
The parties to the Ontario Action, the Alberta Action and the Québec Action signed a settlement agreement. The settlement provides for the defendants to pay $26.5 million in full settlement of the actions. The settlement is subject to approval in Ontario, Alberta and Quebec. The defendants have also settled a class action in the United States District Court for the Southern District of New York that was filed on behalf of persons and entities who purchased or acquired Penn West securities or call options or that sold/wrote Penn West put options on the New York Stock Exchange or otherwise in the United States. Information about the United States class action can be found here.
November 13, 2015
The plaintiffs have served and filed their materials in support of the motion for certification and leave under Part XXIII.1 of the Securities Act and a timetable of steps leading up to this motion has been set.
December 4, 2014
The plaintiff has served and filed his statement of claim and class counsel is advancing toward the scheduling of a certification motion and a motion for leave pursuant to Part XXIII.1 of the Ontario Securities Act.
August 29, 2014
A copy of the Statement of Claim has been filed with the Court. To view the Statement of Claim, please click here.
July 31, 2014
Koskie Minsky LLP and Sutts, Strosberg LLP filed a notice of action against Penn West Petroleum Ltd. To view the notice of action, please click here.
- June 27, 2016
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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