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Class Action Updates

January 17, 2019

A national settlement has been reached with Morgan Stanley for USD$2.3 million, subject to court approval in Ontario and Quebec.  At the approval hearings, the…

December 7, 2018

On November 8, 2018, the BC Court approved a motion to certify the within action as against MinebeaMitsumi Inc. (formerly Minebea Co. Ltd.), NMB Korea,…

November 26, 2018

A national settlement, totaling $3.25 million has been reached with FMC Corporation and FMC of Canada, Ltd. (collectively “FMC”). The FMC settlement approval motion will…

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25. Why am I getting $500?

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 claimants’ losses varied from no or very small losses to very large losses.

Class Counsel wanted to make sure that all claimants who lost money get something from the settlement funds. As a result anyone who does not fall in the $0 category (see FAQ#24 for an explanation) will get a minimum of $500.

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

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