Arctic Glacier Income Fund

In September 2008, Siskinds LLP filed a $165 million class action under Ontario's new investor protection legislation (Part XXIII.1 of the Ontario Securities Act) against Arctic Glacier Income Fund ("Arctic Glacier"), Arctic Glacier Inc, trustees, directors and senior officers of Arctic Glacier and Arctic Glacier Inc. The class action arises out of Arctic Glacier's recent announcement of an investigation by the United States Department of Justice into anti-competitive conduct in Arctic Glacier's industry, the packaged ice industry. Subsequent to that announcement, Arctic Glacier announced that it was suspending its distributions to its unit-holders, and the price of its units collapsed.

The class action is brought on behalf of all persons who acquired Arctic Glacier units from March 13, 2002 to September 16, 2008 (the "class period"), and who held some or all of those units on September 17, 2008.
In March of 2011, Justice Tausendfreund of the (Ontario) Superior Court of Justice granted the plaintiffs leave to proceed with statutory claims for secondary market misrepresentations, and certified the action as a class proceeding on behalf of all persons, wherever they may reside, who purchased Arctic Glacier units during the class period.  You may view the Court’s reasons for decision here. The Defendants have commenced appellate proceedings in respect of those orders.
In February 2012, the parties reached an agreement in principle to settle the action in the amount of $13.75 million (the “Settlement”). The settlement remains subject to approval by the Ontario Court. Upon Court approval, a notice containing instructions on how to file a claim for compensation from the settlement will be distributed and will be available on this site. No date for the motion for approval of the Settlement has yet been fixed.
If you purchased Arctic Glacier units during the class period, please complete the online information form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds, nor do you incur any obligations in connection with this lawsuit. For further information concerning this action, please contact Nicole Young at 1 (800) 461-6166 ext. 2380 or e-mail Nicole by clicking on the Contact Us link below. Updates concerning this action will be posted above.
Back to Siskinds Actions

The documents available on this page require the latest version of Adobe Acrobat Reader for viewing.
Click Here to download.