TORONTO, July 23 /CNW/ - On July 12, 2010, the law firms Siskinds LLP and Abells Regan LLP, on behalf of their clients and a proposed class of plaintiffs, entered into a proposed settlement relating to two pending class actions against 1000128 Alberta Ltd., CNPC International (Canada) Ltd., China National Oil & Gas Exploration & Development Corp., CNPC International Ltd., and China National Petroleum Corporation (the "Defendants"). These lawsuits were filed on behalf of the plaintiffs William Ball Wheeler in the Alberta Court of Queen's Bench (Court File No. 0701-01410) and West Coast Soft Wear Ltd. in the Ontario Superior Court of Justice (Court File No. 53272CP) alleging civil claims for insider trading and tipping and related claims for civil conspiracy. These allegations have been denied by the Defendants. To date, neither class action has been certified as a class proceeding, and the allegations of the plaintiffs have not been proved in any court.
Under the terms of the proposed settlement, the Defendants have agreed, without any admission of any wrongful conduct or liability, to contribute the amount of CAD $9,990,000.00 to a settlement fund for the benefit of the proposed settlement class in order to resolve the actions in light of uncertainty, cost and risks associated with complex litigation. The settlement class includes all persons who sold shares of PetroKazakhstan Inc. in Canada or elsewhere from and including June 17, 2005 to and including August 12, 2005. The settlement remains subject to court approval by the Ontario Superior Court of Justice and the Alberta Court of Queen's Bench, and it is subject to other terms and conditions. If approved, the settlement provides that all individual members of the class may make a claim for compensation from the settlement funds. Further information related to the settlement is posted on the website of Siskinds LLP at: www.classaction.ca.
SOURCE Siskinds LLP
For further information: For further information: regarding the settlement contact class counsel at: A. Dimitri Lascaris, Siskinds LLP, Barristers and Solicitors, 680 Waterloo Street, London, ON, N6A 3V8, Tel: 519.672.2121 ext. 2380, Fax: 519.672.6065, Email: firstname.lastname@example.org; Robert S. Abells, Q.C., Abells Regan LLP, Barristers and Solicitors, No.2500, 10303 Jasper Avenue, Edmonton, AB, T5J 3N6, Tel: 780.442.4411, Fax: 780.424.9370, Email: email@example.com