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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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7. How did you calculate the settlement amount?

We did not calculate the settlement amount. It is the result of negotiation. Negotiation is more of an art than a science, and settling is about trading risk for certainty.

If we had gone to trial, we might have obtained more money. But we might also have obtained less, or nothing at all. That is the “risk” of going to trial. In addition, going to trial is expensive in both lawyers’ time and in money (expert fees and other out of pocket expenses).

A settlement is much more certain – the amount is set. We lose the opportunity to get more, but we also no longer have the possibility of getting less or nothing at all.

We start out by calculating what we think we would win after trial if we won absolutely every argument. This is our best case scenario.

Then we think about how likely we are to get that amount, and what amounts are more likely.

Then we negotiate back and forth with the defendants.

In the end, we try to get to a number that is within the range of reasonable outcomes at trial. That is where we consider this settlement amount to be.

 

Posted in: Questions about the Settlement Agreement, Teck/Cominco Class Action FAQs

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