The actuaries appointed by TevlinGleadle (John Christie, Michael Demner) are close to making the first distribution of settlement funds.
We are working with the actuaries and class representative Mr. Peter Gregg to update available information about current addresses, residency at the date of the Certification Order, and expect to be able to authorize release of settlement funds in the next several weeks.
The distribution will occur in phases.
Stage one will be letters to those who are clearly entitled to share in the distribution, and for whom we have current beneficiary information. At this stage, we will also write letters to class members who are beneficiaries, but for whom current address and survivor information is unclear, seeking additional information, to permit delivery of the first distribution amounts. We will complete the first stage by distributing to all those for whom information is available and entitlement is clear. We intend to hold back sufficient funds to ensure that proper distribution occurs to those entitled to share in the net settlement amount. There will be a period of time between the first distribution and the second distribution to permit necessary information to be gathered.
Stage two will involve a distribution of remaining funds to all those entitled to share. It will in all probability be a much smaller distribution that in stage one.
We will continue to work to complete the distribution in accordance with the terms of settlement and the order confirming the settlement.