Dundee Class Action

Frequently Asked Questions

  1. What is this lawsuit about?
  2. Why is this lawsuit a Class Action?
  3. How do I know if I am included in the class?
  4. Are there exceptions to class membership?
  5. What settlements have been achieved in this class action lawsuit?
  6. How do I receive a share of the settlement funds?
  7. How much money will I receive?
  8. Will I automatically receive money if I am a Dundee Member and sustained a loss from being a client of investment advisor Brian Verbeek who transferred monies from my Registered Retirement Plan to Dundee Securities Corporation to purchase shares in certain Canadian Controlled Private Corporations between August 27, 1999 and May 1, 2000 while Verbeek was an investment advisor registered with Dundee Securities Corporation?
  9. Can I file an estate claim?
  10. When do I need to file a claim?
  11. What will it cost to file a claim?
  12. What information do I need to provide in my claim?
  13. How do I know my claim was submitted?
  14. When will I get paid?
  15. How will I receive my compensation?
  16. Who has access to my information?
  17. What is the expected timeline of this class action?
  18. What if I still have questions?
  19. Who are the lawyers representing the class?
  1. What is this lawsuit about?

    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. 

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  2. Why is this lawsuit a Class Action?

    A 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.

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  3. How do I know if I am included in the class?

    You 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

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  4. Are there exceptions to class membership?

    You 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

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  5. What settlements have been achieved in this class action lawsuit?

    The 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.

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  6. How do I receive a share of the settlement funds?

    To 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.

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  7. How much money will I receive?

    If 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. 

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  8. Will I automatically receive money if I am a Dundee Member and sustained a loss from being a client of investment advisor Brian Verbeek who transferred monies from my Registered Retirement Plan to Dundee Securities Corporation to purchase shares in certain Canadian Controlled Private Corporations between August 27, 1999 and May 1, 2000 while Verbeek was an investment advisor registered with Dundee Securities Corporation?

    No. 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

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  9. Can I file an estate claim?

    Yes, 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.

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  10. When do I need to file a claim?

    Claim forms and supporting documentation must be submitted by no later than January 23, 2018.

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  11. What will it cost to file a claim?

    There are no fees to file a claim. 

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  12. What information do I need to provide in my claim?

    Supporting documentation must be provided showing the loss you sustained, and any loans you may have received in exchange for share purchases. 

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  13. How do I know my claim was submitted?

    You 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. 

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  14. When will I get paid?

    There 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. 

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  15. How will I receive my compensation?

    You 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.

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  16. Who has access to my information?

    Your 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.

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  17. What is the expected timeline of this class action?

    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

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  18. What if I still have questions?

    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.

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  19. Who are the lawyers representing the class?

    The 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

    IMair@moodiemair.com

    Attn: Ian Mair

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