TORONTO and LONDON, ON, Nov. 11, 2015 /CNW/ - Siskinds LLP and Koskie Minsky LLP, class counsel in the Sino-Forest class action, are pleased to announce that the Ontario Superior Court of Justice has approved a C$32.5 million settlement with Credit Suisse Securities (Canada), Inc., TD Securities Inc., Dundee Securities Corporation, RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., Canaccord Financial Ltd., Maison Placements Canada Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (collectively, the "Underwriters"). The Underwriters were various financial institutions that served as underwriters in one or more of Sino-Forest's public offerings of shares and notes.
On October 30, 2015, Regional Senior Justice Geoffrey Morawetz made an order approving this historic settlement. The settlement agreement provides for the Underwriters to pay C$32.5 million in settlement of all claims arising from their dealings with Sino-Forest.
"We are pleased to close this chapter of the Sino-Forest litigation," said Kirk M. Baert of Koskie Minsky LLP, counsel to the plaintiffs in this class action, "but we continue to aggressively pursue the other defendants in this class action, including Sino-Forest, its former officers and directors and its former auditor BDO Limited."
"We believe that this is the largest settlement with a group of underwriters in Canadian history," added Dimitri Lascaris of Siskinds LLP.
The class action alleges that Sino-Forest, certain of its directors and officers, auditors and underwriters misled investors concerning the business and accounting at the collapsed timber trader. The plaintiffs include The Trustees of the Labourers' Pension Fund of Central and Eastern Canada and The Trustees of the International Union of Operating Engineers Local 793 Pension Plan for Operating Engineers in Ontario.
Koskie Minsky LLP, based in Toronto, is one of Canada's leading firms in the areas of class actions, trade union labour law, employment law, civil litigation and pension & benefits. Its class actions team, led by Mr. Kirk Baert, has been a leader in class actions since 1992 and has prosecuted many of the leading cases in the area.
The Siskinds securities class actions team has offices in London, Toronto, Montreal and Québec City. The team, comprised of 15 lawyers admitted to practice in Ontario, Quebec, and New York State, acts exclusively for investors. Siskinds' securities class actions team is complemented by lawyers in Siskinds' affiliate, Siskinds, Desmeules, based in Quebec City.
The litigation continues against Allen T.Y. Chan, W. Judson Martin, Kai Kit Poon, William E. Ardell, James P. Bowland, James M.E. Hyde, Edmund Mak, Simon Murray, Peter Wang, Garry J. West, and BDO Limited.
SOURCE Koskie Minsky LLP