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Class Action Updates

August 26, 2020

The British Columbia ODD class action has been certified for settlement purposes as against the TSST Defendants.  

August 13, 2020

Settlements: The Alpha, Continental, Espar, JTEKT, Koito, Maruyasu, Meritor, NTN, Tenneco, Tokai Rika, Toyo Tire, Toyoda Gosei, and Yamashita settlements are subject to court approval…

June 26, 2020

The New Settlements were approved by courts in British Columbia, Alberta, Saskatchewan, Ontario and Quebec. The Court’s decisions approving the settlements can be found in…

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21. What did you assume when you calculated how much money to give each claimant?

We made a few assumptions when we calculated how to divide up the settlement amount. These assumptions apply to calculation step (a) from FAQ#20. With all of these assumptions, our goal was to divide the money in a way that was fair and reasonable.

The important assumptions are:

  • Salaries from 1992 forward increased to match the Average Industrial Wage Index (because this is the most widely used measure of salaries and wages in Canada, used in many contexts including by the CPP);
  • In calculating how much claimants would have had if they had stayed in the DB plan (see step (a) from FAQ#20, the actuary experts used the methods and assumptions prescribed by the Canadian Institute of Actuaries (because their methods and assumptions are the universal standard for these kinds of calculations); and
  • In calculating what claimants now have under the DC plan, we assumed that all funds were invested in the PH&N “Balanced Trust” Fund (because the law requires claimants to invest reasonably – see FAQ#26 for more information).

Posted in: Questions About Sharing in the Settlement Funds (Distribution Protocol Questions), Teck/Cominco Class Action FAQs

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