TORONTO, Dec. 28, 2017 /CNW/ - Home Capital Group Inc. ("Home Capital" or the Company") (TSX:HCG) today announced it has received a statement of claim issued by Roland Keiper and Brian Chapman, who opted out of a global settlement of the securities class action earlier this year with Home Capital. The claim is based on allegations of common law and statutory misrepresentation and oppressive conduct and seeks $2 million in damages.
Holders of 1,717,600 common shares eligible for the global settlement opted out of the settlement. The Company believes that the claim by Mr. Keiper and Mr. Chapman relates to 390,900 of those shares. West Face Long Term Opportunities Global Master LP, which also recently commenced a claim that the Company has referred to in previous disclosure, held 1,234,700 of those shares.
The Company believes it has valid defences to these claims and intends to fully defend its conduct.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to Home Capital's 2016 Annual Report, available on Home Capital's website at www.homecapital.com, and on the Canadian Securities Administrators' website at www.sedar.com, for Home Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
SOURCE Home Capital Group Inc.
For further information: Laura Lepore, Assistant Vice President, Investor Relations, (416) 933-5652, [email protected]