|
Pursuant to an order of the Court of Queen’s Bench of Manitoba (Canada) approving the settlement of a class action, International Genealogical Search Inc. ("IGS") has been appointed to locate former shareholders of Canada Life Financial Corporation ("CLFC") who may not have received notice of the acquisition of their CLFC shares by Great-West Lifeco Inc. ("Lifeco") in July 2003. Please review this page for more information about this class action settlement, particularly if you have been contacted by IGS or if you have received a notice relating to the settlement of this class action.
The Class Action
A class action lawsuit was commenced in Manitoba, Canada against Lifeco and CLFC (collectively, the "Defendants"). The class action lawsuit relates to the acquisition of CLFC by Lifeco in July 2003 (the "Transaction"). The Statement of Claim alleges that the Defendants failed to take reasonable steps to notify certain shareholders of CLFC of the Transaction and to provide to these shareholders the Consideration (a combination of cash and shares of Lifeco) to which they were entitled as a result of the Transaction. More information about the Transaction can be found at the following links:
Many of the CLFC shareholders who did not receive notice of the Transaction were former participating policyholders of The Canada Life Assurance Company ("Canada Life") who became CLFC shareholders when Canada Life demutualized in 1999, transitioning from a mutual insurance company to a stock life insurance company. Canada Life participating policies were marketed in Canada, the United States, the United Kingdom, and Ireland. Some Canada Life participating policyholders did not receive notification of the Demutualization and therefore may not have been aware that they had become CLFC shareholders.
The Parties have entered into a Settlement Agreement that resolves the class action. If you are a former shareholder of CLFC who, at the time of the Transaction, did not receive notice of the Transaction and the Consideration to which you were entitled as a result of the Transaction, you may be eligible for compensation under the Settlement Agreement and you should immediately review the Approval Notice to ensure you are aware of your legal rights.
Under the terms of the Settlement Agreement, eligible former CLFC shareholders (who are referred to in the Settlement Agreement as "Class Members") may be entitled to:
- full payment of the cash portion of the Consideration to which the CLFC shareholder was entitled as a result of the Transaction (to the extent not already paid);
- full payment of CLFC and/or Lifeco dividends to which the CLFC shareholder was entitled (to the extent not already paid);
- the Lifeco shares allocated to the former CLFC shareholder as a result of the Transaction; and
- interest on the cash portion of the Consideration and any dividends to which the Class Member was entitled from the date those amounts became payable to the date that those amounts are paid.
In addition, certain Class Members who had provided updated address information to the Defendants, Canada Life or Computershare may be entitled to:
- reimbursement of any interest or other penalties paid or payable by the Class Member to a governmental taxing authority in connection with a failure to report the capital gain from the Transaction; and
- reimbursement of any accounting or financial services fees (up to Cdn$500) paid or payable by the Class Member for advice received with respect to the tax penalties.
Filing a Claim
If you would like to claim benefits under the Settlement Agreement, you must file a completed Claim Form, together with all required information, postmarked, faxed or emailed no later than August 11, 2010.
You should, however, complete and return the Claim Form as soon as possible. Class Counsel will review your Claim Form before it is submitted to Lifeco for determination of your claim. If additional information is required on your Claim Form, Class Counsel will contact you to help in ensuring that your Claim Form is complete and that you have included any required supporting documents. Returning your Claim Form early will enable Class Counsel to conduct this preliminary review.
Opting Out
If you would like to exclude yourself from the proceeding, you must file a completed Opt Out Form, together with all required information, postmarked, faxed or emailed no later than August 11, 2010. If you opt-out, you will not be entitled to receive any of the settlement benefits described herein. You will, however, preserve your rights to assert claims against the Defendants independently should you wish to do so.
Release of Claims
If you do nothing (i.e you do not file a Claim Form or Opt-Out Form), you will not be able to claim the benefits available under the Settlement Agreement and you will be forever barred from instituting or continuing any action against the Defendants and/or Released Parties in relation to the Transaction.
Additional Information
The Plaintiff in the class action and Class Members are represented by Siskinds LLP, a law firm located in London, Ontario, Canada. If you have any questions about the class action, the Settlement Agreement, why you have received the Approval Notice, or why you have been contacted by IGS, you may contact Siskinds LLP by email at clfcclassaction@siskinds.com, or by calling toll free from North America 1-800-461-6166 or from the United Kingdom or Ireland 00-800-0399-9999. Callers outside North America, United Kingdom or Ireland can call collect (519) 660-7718.
|
Approval Notice (English)(Français)
Claim Form (English)(Français)
Opt-Out Form (English)(Français)
Settlement Agreement (English)(Français)
Approval Order (English)
Frequently Asked Questions (English)(Français)
Lifeco press release, dated February 17, 2003(English)
CLFC letter to shareholders, dated March 22, 2003(English)
CLFC letter to shareholders, dated May 6, 2003 (English)
CLFC and Lifeco press release, dated July 10, 2003(English)
|
