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Court approves pension surplus class action settlement and fixes class counsel fees.
Motions were brought in two related class proceedings seeking approval of a settlement under the Class Proceedings Act, 1992, approval of contingency fee agreements, and approval of class counsel fees.
The litigation concerned claims by pension plan members seeking entitlement to the full surplus of two employer-sponsored pension plans.
Following mediation, the parties reached a settlement under which approximately $3.49 million in pension plan surplus would be distributed to plan beneficiaries, with an additional $350,000 allocated for other claims including costs.
The court held the settlement was fair, reasonable, and in the best interests of the class.
The court approved the settlement and awarded class counsel fees, fixing fees for one firm at $340,000 and for separate counsel at $75,000.
Class action certified for settlement over pension plan surplus distribution.
A proposed representative plaintiff sought certification of a class proceeding relating to the distribution of surplus funds from a defined benefit pension plan following partial and full wind‑ups.
The action alleged that amendments to the plan and trust agreement improperly reserved surplus to the employer contrary to the original plan documents and the Pension Benefits Act.
The parties reached a mediated settlement providing for distribution of pension surplus to plan members and payment of a settlement amount to address legal costs and related expenses.
The motion sought certification solely for settlement purposes and approval of the notice plan.
The court held that the action satisfied the certification requirements under the Class Proceedings Act, 1992 and granted certification for settlement purposes.
