LONDON, ON, Oct. 29 /CNW/ - Siskinds LLP is pleased to announce that the parties to the CP Ships securities class action have entered into an agreement to settle the claims of the class members. The plaintiffs in the class actions alleged that CP Ships and certain of its officers and directors misrepresented the financial results of the company over a period of nine consecutive quarters, and thereby caused the market prices of the company's securities to become inflated.
The agreement, which remains subject to Court approval in Ontario and Quebec, provides for a gross settlement fund of CAD$12.8 million for Canadian citizens and residents who purchased securities of CP Ships between January 29, 2003 and August 9, 2004.
Commenting on the settlement, Siskinds partner Dimitri Lascaris said "this settlement compares very favourably to the settlement reached in a parallel class action in the United States. The claims in that action were settled for US$1.3 million following a dismissal of the action by the United States District Court for the Middle District of Florida."
Mr. Lascaris added "For a long time, it was widely believed that the US legal regime did a better job than Canada's legal regime of protecting investor rights. But this settlement demonstrates that significant strides have been made in this country, and our law now offers meaningful and better protection to Canada's long-suffering investors."
SOURCE Siskinds LLP
For further information: For further information: regarding the settlement, please contact Monique Radlein of Siskinds LLP at (800) 461-6166, Ext. 7868 or by email at email@example.com