Final Settlement Reached in Securities Class Action Re: Aspen Group Resources' Take-Over of Endeavour Resources Inc.
Sep 16, 2019, 07:00 ET
TORONTO, Sept. 16, 2019 /CNW/ - A final settlement has been reached in a class action brought on behalf of former security holders of Endeavour Resources Inc., who tendered securities pursuant to a November 23, 2001 take-over bid circular by Aspen Resources Group Corporation. The class action sought damages under the Ontario Securities Act for alleged misrepresentations in that take-over bid circular.
The proposed settlement, in the amount of CDN $2,400,000, resolves the case in its entirety. The Courts must now approve the settlement. Previous settlements totalling CDN $885,000 have been approved, bringing the total settlement recoveries to CDN $3,285,000.
The plan for distributing the settlement funds to class members must be approved by the Court before payments can be made. The proposed plan is posted for review at www.aspenclassaction.ca. Class members have the right to submit comments or objections for consideration by the Court. All comments should be directed to Harrison Pensa LLP. Do not send them directly to the Court as they cannot process them. The deadline for those comments is October 18, 2019. Further information about the settlement and general information about the case can also be found at www.aspenclassaction.ca.
A hearing has been set to approve the settlement agreement, the proposed distribution protocol, an honorarium for the representative plaintiff, and the fees and disbursements of class counsel. The hearing will be held on November 5, 2019 at 10:00 a.m. at 330 University Avenue, Toronto M5G 1R7.
The dates for making claims for compensation from the settlement fund will be published through a separate notice as soon as possible after the Court approves the settlement agreement and the distribution plan. Updates and information about how to make a claim will be posted as soon as they are available at www.aspenclassaction.ca. If you would like to be provided with direct notice of the opening of the claims process, please contact Harrison Pensa LLP whose contact information can found at www.aspenclassaction.ca.
Harrison Pensa LLP, based in London Ontario, is one of Canada's foremost class action law firms and has expertise in a full range of class action matters.
For media inquiries:
Attention: Jonathan Foreman
Harrison Pensa LLP
450 Talbot Street,
London ON N6A 5J6
Email: [email protected]
SOURCE Harrison Pensa LLP
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