SSA Bonds Class Action
Koskie Minsky LLP, Siskinds LLP, Sotos LLP, and Camp Fiorante Matthews Mogerman LLP (“Class Counsel“) are pleased to announce that the Federal Court has approved the proposed settlements reached with Deutsche Bank, TD, Nomura, Credit Suisse, RBC, Barclays, BNP, Citigroup, and Credit Agricole (the “Settling Defendants”). A copy of the Federal Court’s reasons can be downloaded here.
The settlements apply to persons in Canada who directly or indirectly (including through an intermediary or through an investment or equity fund, mutual fund, hedge fund, pension fund or other investment vehicle) entered into an SSA Bond Transaction between January 1, 2005 and December 31, 2015. An “SSA Bond Transaction” is any purchase, sale, trade, assignment, novation, unwind, termination, or other exercise of rights or options with respect to any SSA Bond.
The claims process has not yet begun. We will update our website with further information about how to make a claim in due course.
Key documents pertaining to the settlements can also be found in the “Documents” section of our website or on the following website: www.siskinds.com/ssa-bonds.
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Latest Developments
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November 15, 2024
The Federal Court has approved the proposed settlements reached with each of the remaining Defendants. A copy of the Federal Court’s reasons can be downloaded here.
The claims process has not yet begun. We will update our website with further information about how to make a claim in due course.
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August 15, 2024
A motion to approve the proposed settlements with all remaining Defendants was heard by the Federal Court of Canada. The Court’s decision is under reserve.
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May 13, 2022
After negotiating settlements with several Defendants, the Plaintiffs have served their certification record on the remaining (non-settling) defendants and intend to schedule a hearing for their certification motion shortly.
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April 27, 2020
A motion to approve the Bank of America and HSBC Settlements was heard by the Federal Court of Canada. The settlements were approved.
The settlement funds (plus interest, less court-approved fees and expenses) are being held in trust for the benefit of settlement class members. The courts will be asked to approve a method of distributing the settlement funds to settlement class members at a later date.
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November 28, 2019
Settlements have been achieved with the following defendants, totaling approximately $2.1 million:
Bank of America Corporation, Bank of America, N.A., Bank of America Canada, Bank of America, National Association, Bank of America Merrill Lynch International Limited, Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch Canada Inc., Merrill Lynch International Services Limited, Merrill Lynch Financial Assets Inc., Merrill Lynch Benefits Ltd. (collectively “Bank of America”) (CDN$750,000.00)
HSBC Holdings PLC, HSBC Bank USA, N.A., HSBC Securities (USA) Inc., HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank Canada and HSBC USA, Inc. (collectively “HSBC”) (CDN$1,323,529.41)
A motion to approve the Bank of America and HSBC Settlements will be heard by the Federal Court of Canada on February 5, 2020.
Settlement Class Members have an opportunity to opt out of (exclude themselves from) the class action. Please review the Notice of Settlement Approval Hearing here for more information.
The settlement funds (plus interest, less court-approved fees and expenses) are being held in trust for the benefit of settlement class members. At a later date, the courts will be asked to approve a method of distributing the settlement funds to settlement class members.
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November 15, 2024
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Documents
- November 15, 2024 Reasons for Orders
- May 2, 2024 Short Form Notice of Settlement Approval Hearing
- May 2, 2024 Long Form Notice of Settlement Approval Hearing
- May 2, 2024 Short Form Notice of Settlement Approval Hearing - French
- May 2, 2024 Long Form Notice of Settlement Approval Hearing - French
- March 20, 2024 Decision of Justice Little
- November 28, 2019 Long Form Notice of Settlement Approval Hearing - English
- November 28, 2019 Long Form Notice of Settlement Approval Hearing - French
- November 28, 2019 Short Form Notice of Settlement Approval Hearing - English
- November 28, 2019 Short Form Notice of Settlement Approval Hearing - French
- November 28, 2019 Opt Out Form - English
- November 28, 2019 Opt Out Form - French
- November 28, 2019 Bank of America Settlement Agreement
- November 28, 2019 HSBC Settlement Agreement
- October 7, 2019 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…
Please feel to contact us by using the contact information on this site.
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Contacts
Email: ssabondsclassaction@kmlaw.ca
Tollfree: 1-833-630-1780
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