February 18, 2010
The implementation of the settlement is now well underway. In late November of 2009, the Canada Revenue Agency provided HBC with the required consent to register various amendments to the pension plan necessary to implement the settlement.
Effective January 1, 2009, HBC implemented an increase in the monthly pension benefit for members of the class action who were receiving a pension from the Dumai Plan as at December 31, 2008.
We have been advised that class members who were active employees as of December 31, 2008, will soon be receiving their distribution stipulated by the settlement agreement.
Further details concerning the implementation of the settlement will be provided as they occur.