The Plaintiffs in a class action sought court approval for a settlement agreement, a distribution plan, an honorarium for representative plaintiffs, and Class Counsel's fees and disbursements.
The class action, initiated in 2012, involved common law misrepresentation and statutory claims under the Ontario Securities Act for secondary market misrepresentations against SNC-Lavalin Group Inc. and its officers/directors.
After extensive litigation, including interlocutory motions, discovery, and two mediations, a settlement of $110 million was reached.
The court approved the settlement, finding it fair, reasonable, and in the best interests of the class, considering the complexities and risks of the litigation.
The distribution plan and honoraria for representative plaintiffs were also approved.
Class Counsel's fee request of $25.25 million (22.95% of the settlement) plus disbursements and taxes was approved, recognizing the significant risk undertaken and the results achieved.
