Teranet Income Fund and Teranet Holdings Limited Partnership
This class proceeding relates to a take-over of Teranet Income Fund and Teranet Holdings Limited Partnership in the Fall of 2008. The plaintiff alleges the acquiring companies, Borealis Infrastructure Management Inc. and Borealis Acquisition Corporation [now Teranet Inc.], wrongly reduced the offer price from $11.00 to $10.25 per unit during the course of the take-over bid. The plaintiff alleges the price reduction constituted a breach of contract for those who had already tendered their units and, for all unitholders, a violation of the take-over bid provisions in securities legislation. The plaintiff seeks on behalf of the class damages equivalent $0.75 per unit or approximately $120 million based on the total number of units involved.
The proposed class is generally comprised of anyone who held units of Teranet Income or Teranet Holdings and which were taken up pursuant to the Borealis take-over bid in the Fall of 2008.
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Koskie Minsky LLP and Groia & Company represent the plaintiff in this action.
November 17, 2011
The Plaintiff will be discontinuing this action on December 20, 2011. This has important consequences. Please review the following court-approved notice.
November 2, 2011
The Plaintiff EP Securities has decided not to pursue this action and will be asking the court for permission to discontinue this action. A discontinuance of this action means that any limitation period that may have been suspended during this class proceeding will begin to run once this action is discontinued. Persons interested in pursuing individual claims with respect to the take-over of Teranet Income Fund and Teranet Holdings Limited Partnership should consult their own counsel as soon as possible.
September 23, 2011
The parties have scheduled a motion for November 18, 2011 to consider whether the court will approve of third party funding for this action.
- November 17, 2011
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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