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Class Action Updates

June 5, 2019

Settlement A settlement has been reached with the defendant, Nishikawa Rubber Co. (“Nishikawa”), in the amount of $5,750,000. The Nishikawa settlement releases the claims against…

May 13, 2019

Settlements have been reached with LG Chem and Toshiba totaling over $5 million.

May 7, 2019

Settlements have been reached with the defendants in the following actions: Starters Mitsuba Corporation and American Mitsuba Corporation (“Mitsuba”), in the amount of $1,228,599.32. Windshield…

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INFORMATION FOR LAWYERS LOOKING FOR LEGAL EXPERTISE IN BC AND CANADA

26. I lost a lot more money than the amount my letter says I am getting from the settlement. Why is that?

There are a few reasons why you are not getting the same amount of money as you think you lost.

One main reason is that the law requires us to assume that everyone acted reasonably. In particular, we have to assume that everyone invested reasonably (see FAQ#22-23). We assumed that everyone invested using the default investment that was recommended for anyone who was not comfortable making their own investment decisions. This makes it a reasonable place to have invested.

Another main reason is that, if we had gone to trial, Teck Metals/Cominco and Towers would only have to pay for losses that are their fault. The settlement funds are divided on the basis of what is fair to everyone and what people would likely have gotten at trial. If you lost more money than that because of something like your investment decisions, that is not Teck Metals’/Cominco’s or Towers’ fault.

A third important reason is the risks that apply to different class members. See FAQs #10-14 for more information.

A fourth reason is that the amount of money in the settlement is fixed, and must be divided among everyone. This means that no-one is getting the total amount that they lost.

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

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