Forex Canadian Class Action, June 6, 2018
June 6, 2018
The Ontario court will hold a hearing on July 4, 2018 at 10:00AM at Osgoode Hall, 130 Queen Street West, Toronto, Ontario during which Class Counsel will seek court approval of a protocol for distributing the aggregate settlement funds, plus accrued interest, less a reserve fund, court approved legal fees and other expenses (the “Distribution Protocol”). The reserve fund will be held in a trust account for the benefit of Settlement Class Members. Class Counsel will apply to the Ontario and Quebec courts to have the reserve funds applied against future disbursements and/or adverse costs awards.
A summary of the Distribution Protocol and more information about the July 4th hearing can be found in the Short Form Notice available here and in the Long Form Notice available here. These notices only summarize the Distribution Protocol. A copy of the Distribution Protocol is available here.
Also during the July 4th hearing, Class Counsel will be seeking approval of its fees and disbursements. Class Counsel will be requesting legal fees of up to 18.5% of the settlement funds, less legal fees previously awarded, plus disbursements and applicable taxes, be approved by the courts and paid out of the settlement funds.