March 16...SelectCore Ltd. Served With Statements of Claim TORONTO, ONTARIO--(Marketwired - March 16, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) announced today that SelectCore Financial Services Inc., the Company's wholly owned subsidiary, and six other program managers (collectively, the "Defendants") have been served by All Trans Financial Services Credit Union Limited ("All Trans") with two separate Statements of Claim filed in the Ontario Superior Court of Justice (the "Claims").
The Claims relate to separate claims brought by a plaintiff (the "Underlying Plaintiff") against All Trans in the Court of Queen's Bench for Saskatchewan and the Supreme Court of British Columbia, and which allege, among other things, that the fees and expiry dates associated with the prepaid cards issued by All Trans are not permitted under the consumer protection and trade legislation of each province (the "Underlying Claims"). The prepaid cards at issue in the Underlying Claims relate to cards that were distributed by the Defendants pursuant to Special Account Agreements executed individually between each of the Defendants and All Trans. The Claims seek, among other things, for an order requiring the Defendants; the seven program managers, to indemnify All Trans for any amounts for which All Trans is found liable to pay to the Underlying Plaintiff or for damages for breach of the Special Account Agreements, negligence and negligent misrepresentations in an amount equal to any amounts for which All Trans is liable to pay to the Underlying Plaintiff.
In the view of SelectCore's management, the allegations made in the Claims are without merit and the action will be vigorously defended.