Hudson’s Bay Company/The Bay – 15

February 25, 2009

Prior to the hearing of the parties’ appeals in December 2008, the parties reached a settlement in principle, which is subject to court approval. As a result, the Plaintiffs withdrew their appeal to the Court of Appeal for Ontario of the trial decision and HBC agreed to adjourn their cross-appeal. The parties are currently drafting the tentative settlement and intend to seek Court approval of a notice to class members. Assuming the Court approves the proposed notice in March or April 2009, the parties will then notify class members of the details of the proposed settlement and pending motion for Court approval of the settlement and proposed class counsel fees.

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