The plaintiff brought a motion to approve a settlement of a representative action under Rule 10.01(3) of the Rules of Civil Procedure concerning governance and alleged improprieties in transactions involving the outsourcing and reassumption of real estate asset management by a pension plan.
After extensive litigation, mediation, documentary disclosure, and a neutral fact‑finding process, a report concluded that the transactions were commercially reasonable and that no wrongdoing occurred, although transparency concerns had arisen.
The settlement recognized governance reforms implemented during the litigation and provided for dismissal of the action with reimbursement of the representative plaintiff’s legal costs.
Applying principles analogous to settlement approval under the Class Proceedings Act, the court found the settlement fair, reasonable, and in the best interests of the represented persons.
The settlement was approved and the action dismissed.
