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In February 2006, Siskinds and the law firm of Cavalluzzo Hayes Shilton McIntyre & Cornish ("Cavalluzzo") commenced a class action lawsuit in the Ontario Superior Court of Justice against Royal Group Technologies Ltd. ("Royal Group") and eight current and former officers and directors of Royal Group. The lawsuit was commenced on behalf of the Canadian Commercial Workers Industry Pension Plan ("CCWIPP").
In the lawsuit, CCWIPP seeks to act on behalf of all persons and entities (except the defendants and certain related persons and entities) who purchased securities of Royal Group between February 26, 1998 and October 18, 2004 (the "Class Period").
In the lawsuit, it is alleged that, during the Class Period, the defendants failed to disclose various transactions required by law to be disclosed, because those transactions were between Royal Group and various parties related to Royal Group (including certain of the individual defendants). It is further alleged that the failure to disclose these transactions caused damages to the class members. The plaintiff also seeks punitive damages.
Following a mediation process before a retired judge of the California Superior Court assisted by a Canadian lawyer with experience in class actions and securities related matters, a settlement was reached to resolve this and parallel litigation in the United States District Court for the Southern District of New York. The settlement is conditional on the approval of both the (Ontario) Superior Court of Justice and the United States District Court for the Southern District of New York. The relevant documents, including the executed Stipulation and Settlement Agreement are available below.
On December 17, 2007 the Ontario Superior Court of Justice approved the Settlement Agreement. A copy of the Order can be found below.
For further information concerning this action, please contact Nicholas Baker at 1 (800) 461-6166 ext. 2380 or nicholas.baker@siskinds.com. Updates concerning this action will be posted above.
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