Class Action Money About to ComeNo mention of how much and of course the lawyers and administrators will take the biggest portion. Ever wonder why people hate Lawyers so much?
PARTNERS REIT SECURITIES
CLASS ACTION SETTLEMENT
This website was updated on Monday July 29, 2019 at 12:30 pm EST.
ALL CLASS MEMBERS
PLEASE READ BELOW FOR AN UPDATE IN REGARDS TO THE CLAIMS ADMINISTRATION
This website is directed to all persons and entities deemed to be Class Members, wherever they may reside or be domiciled, other than Excluded Persons, who held shares of Partners REIT as of the close of trading on April 1, 2014.
Class or Class Members means all persons and entities, wherever they may reside or be domiciled, who held units of Partners REIT as of the close of trading on April 1, 2014, except for Excluded Persons;
The Claims Administrator has calculated the initial determination of the pro rata payment based on the Claim Forms that have approved. We have registered every approved Class Member into the claims administration portal.
You should receive a Claim Determination Notice by August 2, 2019.
Pursuant to the Distribution Protocol, paragraph 11:
Where the Administrator disallows a Claim in its entirety, the Administrator shall send to the Class Member, at the email or postal address provided by the Class Member or the Class Member’s last known email or postal address, a notice advising that the Claim has been disallowed and that the Class Member may request the Administrator to reconsider its decision. For greater certainty, a Class Member is not entitled to a notice or a review where a Claim is allowed but the Class Member disputes the determination of notional entitlement or his, her or its individual compensation.
The objective of the Distribution Protocol is to equitably distribute the Net Settlement Amount to Class Members who file valid Claims with the Administrator.
Notional Entitlement
The Net Settlement Amount will be distributed in accordance with the Distribution Protocol (and in conjunction with the Minutes of Settlement dated October 30, 2018 (the “Minutes”)).
The notional entitlement of a Class Member who files a valid Claim is based on the number of Partners REIT units that Class Member held as of the close of trading on April 1, 2014, in proportion to the number of Partners REIT units held as of the close of trading on April 1, 2014 by all other Class Members who file valid Claims with the Administrator.
"Net Settlement Amount” means the amount available in the Escrow Account for distribution after payment of all Class Counsel Fees and Administration Expenses and other amounts contemplated by paragraph 4 of the Minutes.
4. The Administrator shall distribute the Settlement Funds as follows:
- First, to satisfy the Counsel Fees, Class Counsel’s disbursements, and applicable taxes in the amount approved by the Court;
- Second, to pay Administration Expenses;
- Third, to pay the CPF Levy;
- Fourth, to pay an honourarium of $15,000 to the Plaintiff or any other honourarium amount as may be approved by the Court; and
- The remaining balance will then be distributed to Class Members who submitted valid Claims on a pro rata basis, in proportion to the number of REIT units they held as of the close of trading on April 1, 2014.
Pursuant to the Distribution Protocol, paragraph 17:
The Administrator shall not make payments to Class Member whose pro rata entitlement is less than $10.00. Such amounts shall instead be allocated pro rata to other Class Members in accordance with the “Final Distribution” section of this Distribution Protocol. The Administrator shall make payment to a Class Member by either bank transfer or by cheque at the address provided by the Class Member or the last known postal address for the Class Member. If, for any reason, a Class Member does not cash a cheque within six months after the date on which the cheque was sent to the Class Member, the Class Member shall forfeit the right to compensation and the funds shall be distributed in accordance with the “Final Distribution” section below.
FINAL DISTRIBUTION
The actual compensation received by each Class Member who files a valid Claim shall be the portion of the Net Settlement Amount equivalent to the ratio of the Class Member’s ownership of Partners REIT units as at the close of trading on April 1, 2014 to the ownership of Partners REIT units as of the close of trading on April 1, 2014 of all Class Members who file valid Claims, multiplied by the Net Settlement Amount, as calculated by the Administrator.
In the event that a Class Member disputes the Administrator’s decision, whether in whole or in part, the Class Member may appeal the decision to the Court. The decision of the Court will be final with no right of appeal.
It is important that Class Members and Claimants check the website and/or the claims administration portal for a regular basis for updates. The Claims Administrator will post updates on the website and/or the claims administration portal, on a regular basis, in regards to the claims administration process and time frame for payments.
It should be noted that no Class Member opted out of this class action.
This class action settlement is not based on any finding or admission of liability by any of the Defendants, all of whom deny all of the Plaintiff’s allegations in the Action.
If there is a conflict between the provisions or content of this website and the Settlement Minutes and/or Distribution Protocol or other Court Order(s) and authorized documents or amendments, the terms and wording of the Settlement Minutes and/or Distribution Protocol or other Court Order(s) and authorized documents or amendments shall prevail.