Settlement reached with ParkLane and other Remaining Defendants

TORONTO, March 16, 2017 /CNW/ - A final settlement has been reached between the Plaintiff and the remaining Defendants in the class action Cannon v. ParkLane Financial Group Limited et al. regarding the ParkLane Funds for Canada Gift Program, which operated from 2005 – 2009. The settlement is a negotiated resolution of disputed claims.  The remaining Defendants do not admit any wrongdoing or liability in connection with the class action.  The court has not made any finding of liability against any of the remaining Defendants in respect of any of the allegations in the class action.

The settlement requires court approval before it will be effective.  The hearing for the approval of the settlement and for approval of class counsel's legal fees has been scheduled for April 24, 2017 at the Osgoode Hall Court House, 130 Queen Street W., Toronto, Ontario.  The notice to the class about the pending hearing for settlement approval can be accessed here.

If the settlement is approved, the remaining Defendants will pay $17,500,000 plus accrued interest of $164,931.50, and all cross-claims, counterclaims and third party claims will be dismissed, and all claims against the remaining Defendants will be dismissed, bringing the class action to an end. 

This is the second settlement in this class action.  In 2013, several Defendants settled with the class, paying a little over $28 million.  The funds from that settlement were distributed to the class in 2014.

SOURCE Paliare Roland Rosenberg Rothstein LLP

For further information: Anyone seeking further information about this settlement should review the information at www.parklaneclassaction.com, email info@parklaneclassaction.com or call 1-888-684-5545.

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