The plaintiffs in the Bre-X class action brought a motion to dismiss the action without costs, relieve class counsel of an undertaking, approve counsel fees, and distribute remaining settlement funds cy-près.
The Trustee in Bankruptcy brought a cross-motion for its fees.
The court found that there was no reasonable prospect of recovery from the remaining defendants and approved the dismissal of the actions.
The court discharged class counsel's undertaking, approved the requested fees for class counsel and the Trustee, and allocated the unused adverse costs fund 50:50 between the Canadian and U.S. classes.
Finally, the court approved a cy-près distribution of the remaining Canadian settlement funds, allocating 80% to the Law Foundation of Ontario's Access to Justice Fund and 20% to the Telfer School of Business at the University of Ottawa.
