James Douglas

Class counsel brought a motion for approval of their legal fees and disbursements following the settlement of a securities class proceeding for $29.5 million.

Counsel sought $5.9 million in fees based on a contingency agreement.

The court reviewed the factors for approving class counsel fees, noting the early settlement and the high hourly rates docketed.

The court reduced the requested fee, approving $2.775 million plus HST as fair and reasonable compensation for the risk assumed and results achieved, along with full recovery of disbursements.

The plaintiff moved for approval of a $29.5 million settlement in a securities class action against the defendants for alleged misrepresentations in continuous disclosure documents regarding mortgage origination practices.

The settlement also resolved a companion Ontario Securities Commission proceeding.

The court found the settlement fair, reasonable, and in the best interests of the class, noting the significant litigation risks, the complex damages calculations, and the immediate business implications for the corporate defendant.

The court also approved the Distribution Protocol, Notice Plan, and Claim Form, with minor modifications to extend the deficiency rectification period.

The plaintiff sought approval of a revised settlement in a class action regarding unpaid bank overtime.

The original settlement's claims process encountered difficulties, leading to a revised agreement where the defendant bank would pay an additional $20.6 million, bringing the total payout to $39.3 million.

The court approved the revised settlement, finding it fair, reasonable, and in the best interests of the class, despite some objections regarding the compensation bands.

The court also approved $2.3 million in legal fees for class counsel.