Class Counsel attended before the BC Court on June 25, 2018 for the application to approve settlements with National Bank, Visa and Mastercard and are…
On June 15, 2018, the court approved an order finalizing the distribution of settlement funds in this class action. The settlement distribution has now been…
Settlements totaling $290,000 were reached with Trillium Health Care Products Inc., Vita Health Products Inc. and Procter & Gamble Inc. The settlement funds were used…
If you live in BC, you are a class member if you are:
(a) a salaried, pension-eligible, non-union employee of Teck Metals Ltd., Teck Resources Limited, Cominco Resources International Limited, CESL Limited or Agrium Inc.,
(b) a former salaried, pension-eligible, non-union employee of Teck Metals Ltd., Teck Resources Limited, Cominco Resources International Limited, CESL Limited or Agrium Inc., who terminated employment, by retirement or otherwise, in such a manner that you would have been entitled to defined pension benefits if you had remained a member of the defined benefit pension plan,
AND you converted from the defined benefit pension plan to the defined contribution pension plan.
If you live outside of BC and fall into category (a) or (b) above and you converted from the DB to the DC plan, you are a class member if you previously “opted in” or told class counsel that you want to participate.
Personal representatives of deceased people who would have fallen under (a) or (b) above are also class members.
This lawsuit is a class action because that way the claims of many people can be resolved together in an efficient way.
In a class action, “representative plaintiffs” or “class representatives” sue on behalf of all “class members” or the “class”. In this class action, it was alleged that all class members converted the pension plans and lost money as a result. This group is the “class” and is composed of “class members”.
Jim Weldon and Len Bleier are the “representative plaintiffs.” This means they represent all class members and run the lawsuit on their behalf. See FAQs #40 & 41 for more information.
A class action allows the courts to resolve the issues for all class members affected, except for those who choose to exclude themselves (opt out) from the class.
Cominco/Teck Metals started talking to class members about converting in 1992. The actual conversion happened on January 1, 1993.
A defined contribution pension plan (or a DC plan) is like a retirement savings plan where the employer contributes to your savings.
A defined benefit pension plan (or a DB plan) is a pension that guarantees a certain amount of money each year when you retire.
This lawsuit is about a pension conversion that Cominco (now Teck Metals) did for certain employees in 1992/1993. Some employees converted their pension plan from a defined benefit plan to a defined contribution plan. The lawsuit claims that Teck Metals/Cominco and Towers (the actuaries hired to help Cominco/Teck Metals) used false statements to encourage people to convert their pension, and that as a result people lost money.