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Class Action Updates

November 27, 2020

On November 18, 2020, the BC Court certified a settlement class regarding a settlement entered into with Panasonic.  For details of the settlement approval hearings,…

November 25, 2020

A settlement was reached in February 2020. The settlement is subject to court approval. The notice to class members regarding certification and settlement is available…

November 23, 2020

Claims process for settlement funds – make a claim now. If you are a Canadian resident as of May 25, 2016 who, between December 23,…

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24. Why am I getting $0?

Some people lost a lot of money because of the misrepresentations. Other lost very little, or even none at all. This FAQ explains why some people lost no money.

Because we have a limited amount of money to distribute, Class Counsel thought it was not fair for people who actually did better to take money away from people with large losses.

When the conversion happened, Teck Metals/Cominco put an amount of money into each claimant’s new DC plan account. This is called the initial account value, or IAV. One of the ways that Teck Metals/Cominco and Agrium encouraged people to convert was by being generous in the IAV amounts.

When we did the calculations described in FAQ#20, especially step (a), it became clear that because the IAVs were generous, some class members actually did better with the DC plan than they would have if they had stayed in the DB plan. This is particularly true for people who left employment with Teck Metals/Cominco or Agrium within a few years of the conversion.

Other people have large losses.

The experts estimated how much better or worse each claimant did due to converting. Class Counsel decided that any claimant who ended up 25% or more better off would get $0. We chose “25% better” as the cut-off because the numbers are estimates. We want to make sure that any class member who did lose money gets something from the settlement. Class Counsel are reasonably sure that anyone who did at least 25% better under the DC plan did not lose money.

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

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