July 31, 2007
The Honourable Mr. Justice Wilton-Siegel renders his reasons for decision in which he dismissed the Plaintiff’s action. While the Honourable Mr. Justice Wilton-Siegel found that the fund assets were held exclusively for the benefit of plan members, he held that “Hudson Bay Co. was entitled to apply the assets of the (pension) trust fund to meet its funding obligations in respect of both the Zellers. . . and the Kmart employees . . . .” The Court found that class members would, however, have a claim to surplus if the Plan had to be wound up.