TORONTO, Aug. 21, 2017 /CNW/ - Home Capital Group Inc. ("Home Capital" or "the Company") (TSX: HCG) today announced that the Ontario Superior Court of Justice will issue an order approving the previously announced settlement of a class action commenced in February 2017 regarding the Company's disclosure in 2014 and 2015.
As previously announced, the Company entered into two agreements which comprise a global settlement of the class action and a related proceeding commenced by the Ontario Securities Commission ("OSC") with each settlement being conditional on the approval of the other. The settlement of the OSC proceeding was approved on August 9, 2017 such that both settlements have now been approved.
Pursuant to the terms of the settlement agreement with the OSC, Home Capital will not be making any further statements on this matter outside of the approval proceedings.
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: Investors: Laura Lepore, Assistant Vice President, Investor Relations, (416) 933-5652, [email protected]; Media: Boyd Erman, Longview Communications Inc., (416) 649-8007, [email protected]