Important Information: Cash Store Securities Litigation – Notice of Proposed Settlement: [English] [French]
In June and July of 2013, class actions were commenced in the Ontario Superior Court of Justice, the Alberta Court of Queens's Bench and the Quebec Superior Court against Cash Store Financial Services, Inc. ("Cash Store") and certain of its officers and directors (the "Individual Defendants"). In November 2013, a class action lawsuit was commenced in the United States District Court for the Southern District of New York against Cash Store and certain of its former officers and directors. The actions were brought on behalf of investors in Cash Store securities (shares as well as notes), and alleged that the defendants, among other things, overstated the value of a loan portfolio that Cash Store has purchased, misstated the nature of Cash Store's relationship.
In June and July of 2013, class actions were commenced in the Ontario Superior Court of Justice, the Alberta Court of Queens’s Bench and the Quebec Superior Court against Cash Store Financial Services, Inc. (“Cash Store”) and certain of its officers and directors (the “Individual Defendants”). In November 2013, a class action lawsuit was commenced in the United States District Court for the Southern District of New York against Cash Store and certain of its former officers and directors. The actions were brought on behalf of investors in Cash Store securities (shares as well as notes), and alleged that the defendants, among other things, overstated the value of a loan portfolio that Cash Store has purchased, misstated the nature of Cash Store’s relationship with certain of its lenders, and misstated the nature of Cash Store’s business.
On April 14, 2014, Cash Store obtained creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”).
The plaintiffs in the class action lawsuits have entered into a settlement with the defendants for a cash payment of CAD $13,779,167 (“Settlement”) on behalf of all persons and entities, wherever they may reside or be domiciled, who acquired securities of Cash Store between November 24, 2010 up to and including February 13, 2014 (“Class Members”).
A notice explaining the Settlement can be found here:
Notice of Proposed Settlement: [English] [French]
The deadline to object to the Settlement has now passed.
The Settlement agreement can be found here:
On November 19, 2015, the Ontario Superior Court of Justice issued orders approving the Settlement as well as class counsels’ fee request. Those orders can be found here:
[Settlement Approval Order], [Fee Approval Order]
On April 14, 2016, the Court approved the method for disseminating the Settlement funds (“Plan of Allocation”). The Court order and Plan of Allocation can be found here:
Important Deadlines:
The deadline for Class Members to submit a Claim Form has now passed.
Claim Form: [English] [French]
Discontinuance Order of the Quebec Superior Court – September 7, 2016 [French]