The Plaintiffs alleged that the Defendant was involved in investment misconduct by transferring money from Registered Retirement Plans (RRSPs) to Fortune Financial, Dundee Securities Corporation, a trust company, or Buckingham Securities Corporation between August 27, 1999 and May 1, 2000 in order to purchase shares in one or more Canadian Controlled Private Corporations. Class Members were promised loans on their investments and in some cases sustained losses through loss of RRSP value or reassessment by the Canada Revenue Agency (CRA) for unreported withdrawal from registered accounts.
TopA class action allows the courts to resolve the issues for all class members affected, except for those who choose to exclude themselves (opt out) from the class. In this class action, “class representatives” sued on behalf of all “class members” who sustained a loss due to investment misconduct.
TopYou are automatically a Class Member and can complete a claim form if you:
• Are a Dundee Sub-Class Member; and
• Sustained a loss from being a client of investment advisor Brian Verbeek (“Verbeek”) who transferred monies from your Registered Retirement Plan to Dundee Securities Corporation (“Dundee”) to purchase shares in certain Canadian Controlled Private Corporations (“CCPCs”) between August 27, 1999 and May 1, 2000 while Verbeek was an investment advisor registered with Dundee Securities Corporation
TopYou are not a Class Member if you:
(a) are related to one of the Defendants; or
(b) opted out of this lawsuit before March 17, 2014
TopThe final settlement total is $5 million with one Defendant group:
Dundee Securities Corporation – $5 million
After payment of court approved class counsel fees and expenses, administration costs, notice costs, and applicable taxes, the remaining settlement funds will be distributed to Class Members who submit valid claim forms.
TopTo receive a share of the settlement funds, Class Members must file a properly completed claim form and submit their supporting documentation, no later than January 23, 2018. Claims that are not made within the Claim Filing Period will not be eligible for compensation.
TopIf you are eligible to receive settlement and have sent in the necessary proof with your claim form by January 23, 2018, you shall receive compensation equivalent to the ratio of your loss subject to proration.
If you received any amount of compensation for your loss through other proceedings or in private out-of-class settlements, please inform the Claims Administrator on your claim form as this will affect your compensation entitlement.
TopNo. If you are a member of the class, you will receive notice of this class action via direct mail at your last known address. Please speak with an agent at 1-866-855-5548 if you think you may be a class member but have not received a mailed notice.
Mail packages will include the Notice of Settlement Approval as well as claim form. Mailing instructions are included on the claim form. In order to be eligible your claim form must be postmarked no later than January 23, 2018.
TopYes, in addition to filing a complete claim form with acceptable supporting documentation you must provide a copy of the death certificate and a copy of the will authorizing you to act as a signatory on behalf of the estate. If the estate is closed, beneficiaries of the estate are to receive funds where a probate letter or other legal documentation is submitted.
TopClaim forms and supporting documentation must be submitted by no later than January 23, 2018.
TopThere are no fees to file a claim.
TopSupporting documentation must be provided showing the loss you sustained, and any loans you may have received in exchange for share purchases.
TopYou must submit an eligible paper claim before the Claim Deadline, January 23, 2018, and provide all supporting documentation. A confirmation letter will be sent out 30 days after the Claim Deadline to confirm that your claim has been processed. If you filed a claim and did not received confirmation of receipt within 30 days please contact a support agent at 1-866-855-5548.
TopThere is no way to say for sure when distribution will be made because it depends on a number of factors; however, generally distribution is made within 6-8 months of the Claims Deadline, barring any unforeseen circumstances.
TopYou will be provided the option to select from one of the following three ways:
1) Deposited into an existing RRSP Account or other registered account at an eligible Canadian financial institution. For this option, you will need to provide the registered account details to the Settling Defendant for the purposes of effecting the Final Distribution; OR
2) Paid directly by cheque. For this option, the Settling Defendant shall make all necessary tax deductions.
TopYour information is protected by privacy laws and stored using a secure site. Only the Court approved Claims Administrator (RicePoint Administration Inc.) and the lawyers representing the class (see question 19 below) have access to your information. We can only use it for the purpose of this class action or as you otherwise agree.
More information about the Claims Administrator is available by clicking here.
Top| Action | Date |
| Settlement approval order issued by court | September 5, 2017 |
| Approval order becomes Final Order | October 5, 2017 |
| Payment of fees and disbursements to class counsel | No later than January 3, 2018 |
| Payment of class proceedings, fund levy and disbursements | No later than January 3, 2018 |
| Distribute notice to class |
October 23, 2018 |
| Deadline to submit claim forms |
January 23, 2018 (90 days after the distribution of notice) |
| Acknowledgement of claim forms |
No later than February 23, 2018 |
| First distribution from distribution fund | |
| Second distribution from distribution fund | |
| Donation of excess distribution fund |
We would be pleased to answer them and help you. Please call us at 1-866-855-5548 or e-mail us at dundee@ricepoint.com.
TopThe lawyers representing this case for all Class Members in Canada are Moodie Mair Walker LLP, located in Toronto:
Moodie Mair Walker LLP
416-340-6803
Attn: Ian Mair
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