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Class Action Updates

July 10, 2018

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…

June 21, 2018

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…

May 15, 2018

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…

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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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