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.
