TevlinGleadle is pleased to announce that we have arrived at a settlement of the Pension Class Action, subject to approval by the British Columbia Supreme Court. The parties have agreed to settle the case for a payment by the defendants in the total amount of $5.75 Million.
This settlement has been achieved by our firm working closely with Peter Gregg, George Schieven and other Class Representatives, and in co-operation with Freightliner and its counsel and with the Trust companies and their counsel. Successful negotiations occured after a lengthy and effective mediation process conducted by Don Munroe Q.C.
We are now working hard toward a recommendation for Court approval of a method of distributing the money to the appropriate pensioner class member. We must present a brief of law to the Court and ensure that the correct amounts are paid to the legally appropriate class members, as soon as practicable.
When we are in a position to recommend the distribution, we will publish our recommendation here.
A copy of the Settlement Agreement can be found here.