Catalyst and Darryl Somerville, class representative, have settled the class action for the all-inclusive sum of $69,014, subject to court approval. This is a substantially smaller sum than was sought in the class proceeding, but the maximum amount that TevlinGleadle was able to negotiate in the circumstances, where the Company has successfully completed its reorganization with the assistance of BC courts. The maximum amount payable to any of the 21 remaining class members is $5,000. The amount to be distribued to each member will be further reduced by the fees and expenses (disbursements) owing to class counsel.
The Company is currently preparing an application to the class action court for approval of the settlement. This application will deal with the approval of the settlement, and the fee/disbursements of class counsel.