October 30, 2012
By order dated May 20, 2010, the Honourable Mr. Justice Cullity issued judgment in this matter against the remaining defendant, Mark Edward Workman, carrying on business as Whittacat Consulting Associates, and Whittacat Holdings Ltd. Following the issuance of the judgment, Class counsel commenced proceedings in the Grand Cayman Islands to seek enforcement of the judgment. Judgment has now been obtained from the courts of the Cayman Islands. Steps are being taken to enforce the judgment, and we will keep class members advised of the status of that proceeding as it progresses.
Furthermore, the appeal of the July 2010 FST Decision/Order that was brought by a plan member has been settled (for details on the appeal please refer to the letter from the Administrator that was sent to all plan members in October 2010). The plan member, the Administrator and FSCO were able to arrive at mutually acceptable terms of settlement. As in most cases of settlement, we understand that the specific terms are confidential but the Administrator has stated that it believes the settlement was a good result for the plan. The Administrator has indicated that option forms will be sent out by it shortly for those who have a choice to make as to where their money will be transferred once the annuity purchase is completed. The Administrator has advised that all member settlements (transfers and annuity purchases) are expected to occur later this year.
If Plan members have questions regarding their benefits under the Plan, they can contact Colleen MacDonald or Pauline Frenette at Morneau Shepell Ltd. At 1-888-667-6328.