The court approved a proposed settlement and certified the action for settlement purposes under the Class Proceedings Act, 1992.
The class consists of approximately 100 investors in a failed real estate limited partnership project.
The settlement restores the class members’ proportionate interest in the property, now with greater development density and less debt, and is considered generous.
The court found the settlement fair, reasonable, and in the best interests of the class, and approved class counsel’s fees.
The action will continue only as between the defendants for unresolved crossclaims.
