TORONTO, Feb. 10, 2017 /CNW/ - A proposed settlement has been reached in the national class action regarding IKO/CRC/Canroof Organic Shingles (collectively, "IKO Organic Shingles").
"IKO Organic Shingles" means all asphalt organic shingles manufactured by or on behalf of IKO Industries Ltd., Canroof Corporation Inc., or I.G. Machine (the "defendants"). The class action relates only to organic shingles. The class action does not relate to fiberglass shingles (some of which have been sold under the same brand names as IKO Organic Shingles). IKO Organic Shingles were sold under the following brand names: Chateau, Renaissance XL, Aristocrat, Total, Armour Seal, Superplus, Armour Lock, Royal Victorian, Cathedral XL, Ultralock 25, Armour Plus 20, Armour Tite, Cambridge Ultra Shadow (laminated organic), Crowne 30. IKO Organic Shingles have not been manufactured since 2008 and have not been sold since 2010.
The Class Action: The class action alleges, among other things, that IKO Organic Shingles were negligently designed and manufactured in a manner that, under normal conditions and usage, would result in premature failure. The defendants deny these allegations and assert that IKO Organic Shingles are free of any defect, and in fact, are good quality roofing materials.
The class action affects current or former owners or lessees of buildings located in Canada that contain or contained IKO Organic Shingles.
The Proposed Settlement: The defendants have agreed to pay CDN$7,500,000 to resolve class member claims. The proposed settlement agreement sets out who is eligible for compensation, how the settlement funds will be distributed, and how class members can apply to receive benefits. A copy of the proposed settlement can be viewed at www.classaction.ca/iko.
The settlement is not an admission of wrongdoing or liability. The defendants agreed to settle the action to avoid the costs of litigation and achieve finality in its obligations to class members.
Settlement approval hearing: The settlement agreement is conditional on approval by the Ontario Court. A hearing to approve the settlement will be heard on May 9, 2017, in Brampton, Ontario. Class members have the right to object to or otherwise make submissions about the settlement. Objections must be made in accordance with the process outlined in Part 10 of the long-form notice of the settlement approval hearing. This notice is available online at www.classaction.ca/iko.
Siskinds LLP is counsel for the class. Siskinds is a law firm based in London, Ontario, with an office in Toronto and affiliate offices in Montreal and Quebec City.
SOURCE Siskinds LLP
For further information: For further information, visit www.classaction.ca/iko or contact: Linda Visser, Siskinds LLP, 680 Waterloo Street, London, ON N6A 3V8, Tel: (416) 362-8334, Email: [email protected]