LONDON, ON and TORONTO, May 23, 2018 /CNW/ - The law firms of Siskinds LLP and Rochon Genova LLP announce the resolution of related shareholder class actions against SNC-Lavalin Group Inc. and certain of its former officers and directors for an all-inclusive payment of $110 million by SNC-Lavalin and its insurers. The resolution of the actions remains conditional on the negotiation of settlement documentation and the approval of the Courts in Quebec and Ontario.
The actions were commenced in the courts of Quebec and Ontario in 2012 on behalf of investors in SNC-Lavalin who acquired SNC-Lavalin securities between November 6, 2009 and February 27, 2012. Full details of the settlement, including the process for investors to file claims, will be published once approved by the Courts.
Michael Robb, a partner at Siskinds LLP, co-counsel to the plaintiffs in the class actions, commented: "This is a very good result for the affected investors after many years of extremely hard fought litigation. We look forward to the opportunity to present the settlement to the Courts for their approval."
Joel Rochon, a partner at Rochon Genova LLP, co-counsel to the plaintiffs in the actions, added: "The issues in this case were highly complex and, in many cases, novel. We are proud that this resolution will deliver substantial benefits to Class Members for whom we've been working since 2012."
There are, to date, no deadlines or official documents relating to the Settlement. The parties will be seeking the implementation of a formal notice program by Court order in the course of seeking the final approval of the Settlement.
1-800-461-6166, ex 4228
519 660 7872
Rochon Genova LLP
416 367 1867
SOURCE Siskinds LLP