This class action alleges that each of the class members accepted an offer from the Defendant to transfer the full commuted value of their pensions out of the Pension Plan by receipt of two payments five years apart. As part of this agreement, the former members gave up their membership in the Pension Plan, expecting to receive the deferred payment of the second portion of the commuted value of their pensions (the “Deferred Payments”). In April 2013, the Defendant advised that all Deferred Payments would be suspended. In March 2014, the Defendants cancelled all Deferred Payments.
On June 18, 2015, the Plaintiff commenced an action against the Defendant alleging breach of contract and breach of trust for their failure to pay his Deferred Payments. On June 17, 2016, the claim was amended to be brought under the Class Proceedings Act, R.S.B.C. 1996, c. 50 (“CPA”). On August 9, 2016, the action was transferred to the Vancouver Registry.
A proposed settlement was reached in February 2020. The settlement is subject to court approval. Class Counsel are in the process of preparing application materials to approve a notice to class members regarding certification of the action and the proposed settlement. Each class member will receive a copy of the notice by mail and/or email.