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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…


49. How much of the settlement will be left for class members after Class Counsel are paid?

How much of the settlement will be left depends on what the Court approves and what expenses Class Counsel has to cover between now and the end of July. The rest of this answer is an estimate, based on what Class Counsel will be asking for at the hearing on July 24..

It is also important to remember that there are two separate amounts in the settlement.

First, there is an amount of up to $300,000 that the defendants are paying to cover the expenses incurred on behalf of the class members up to September 21, 2014. In order to get this lawsuit ready for trial, Class Counsel had to pay experts, pay for court reporters, and various other things. Class Counsel also had to pay tax on these expenses. This $300,000 is simply reimbursing Class Counsel for these expenses and the taxes on them.

Second, there is $4,000,000 in general settlement funds. Class Counsel will be asking for a fee of 1/3 for our work as the lawyers for the class, as described in FAQs#47&48. That amount is $1,333,333.33. We are required by law to charge 12% tax on our fees. The taxes on our fees will be $160,000, for a total of $1,493,333.33.

As described in FAQ#48, Class Counsel will also be seeking a fee of $250,000 for the work we will do as claims administrator. We are again required by law to charge 12% tax on our fees. The taxes on this amount will be $30,000, for a total of $280,000.

In total, Class Counsel will therefore be asking for fees of $1,743,333.33, including taxes.

Last Class Counsel will be asking the Court to reimburse us for expenses (including the taxes on those expenses) that we have paid since September 21, 2014 and that we continue to pay up to the hearing date. We do not know exactly how much this will be, but we estimate approximately $50,000.

This will leave between $2,100,000 and $2,200,000 to be paid to class members.

Posted in: Questions about Class Counsel (the Lawyers) and the Experts, Teck/Cominco Class Action FAQs