A class action lawsuit has been commenced in Manitoba, Canada against Great-West Lifeco Inc. (“Great-West”) and Canada Life Financial Corporation. The class action lawsuit relates to the acquisition of Canada Life Financial Corporation by Great-West Lifeco Inc. in July 2003 (the "Transaction"). The class action lawsuit alleges that Great-West Lifeco Inc. failed to take reasonable steps to convey to certain shareholders of Canada Life Financial Corporation the cash and Great-West Lifeco Inc. shares they were entitled to as a result of the Transaction.
Many former shareholders of Canada Life Financial Corporation are former Canada Life Assurance Company policyholders. In 1999, Canada Life Assurance Company transitioned from a mutual insurance company to a stock life insurance company. As part of that process, Canada Life Assurance Company policyholders were allocated shares in Canada Life Financial Corporation.
A settlement has been reached in the class action lawsuit. A hearing will be held on January 12, 2010 at 10:00 a.m., in Winnipeg, Manitoba to approval the settlement agreement.
For further information concerning this action, please email jason.green@siskinds.com or call toll-free in North America
1-800-461-6166 ext. 7718 and in the United Kingdom or Ireland 00-800-0399-9999.
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