Canada Life Assurance Company – 19
April 4, 2013
NOTICE TO CLASS:
Justice Perell dismissed the motion to vary the judgment in this matter in accordance with the Amended Surplus Sharing Agreement. His Honour’s written reasons for decision may be accessed here.
On instruction of the Representative Plaintiffs, Class Counsel has written to Canada Life to propose a final resolution to this matter based on the suggestions put forth by Justice Perell in his written reasons dated March 28, 2013. Specifically, we propose to eliminate the cap on any future surplus distribution, and to postpone the calculation date for any future surplus distribution to members of the Integration Partial Wind Up Group and Deferred Vested/Pensioner Group to December 31, 2017. Class Counsel has also offered to significantly reduce their fee, to be directed solely to the benefit of the Integrated Partial Wind Up Group and Deferred Vested/Pensioner Group, and requested that Canada Life contribute a corresponding amount of its fees.
We believe this proposal is the best alternative to further litigation, including an appeal of Justice Perell’s March 28, 2013 decision; or implementation of the original court-approved settlement but based on a dramatically reduced surplus available for distribution. To preserve the Plaintiff’ rights, however, a motion for leave to appeal will also be filed.