DIL LCC Matter
Update: February 25, 2022
As per the Approval Notice, all class members who have or have had an RRSP, TFSA and/or RRIF account with Canada Life (formerly Great West Life) will have their settlement payments deposited to those accounts. Closed accounts will be reopened for this purpose. We expect that Canada Life will have processed those deposits by March 3, 2022.
Class counsel does not have access to class members’ Canada Life account numbers. Class members must contact Canada Life directly for that information. A semi-annual statement will be issued by Canada Life in June/July 2022 reflecting the payment; accordingly, class members should ensure that Canada Life has been provided with their current mailing address. However, class members may contact Canada Life at any time to access the funds in their accounts.
Class members who have never had an account with Canada Life/Great West Life or who are over the age of 71 and are therefore not eligible to make deposits to their RRSP have received an election form in the mail whereby they may elect to have their settlement funds paid to their account at a different financial institution, or to them directly by cheque. The deadline for making this election is March 1, 2022 and the election form must be received by the Settlement Administrator MNP Ltd. by this date. The election form may be emailed to the Settlement Administrator at email@example.com. All elections will be honoured and settlement payments made by April 1, 2022. For those class members from whom an election form is not received, settlement payments will be issued by cheque to the class member’s last known mailing address.
Questions regarding the payment process may be forwarded to the Settlement Administrator at firstname.lastname@example.org.
Update: December 8, 2021
NOTICE OF PARTIAL SETTLEMENT APPROVAL
A Partial Settlement has been approved by the Court
Sugden McFee & Roos LLP, Class Counsel for the DIL Representative Action Class Members, is pleased to advise that Mr. Justice Rooke ACJ pf the Alberta Court of Queen’s Bench has approved the partial settlement and certification of the DIL Representative Action, effective November 25, 2021. The court order approving the partial settlement and certification is subject to a one month appeal period which will expire on December 26, 2021. If no appeal is filed, and subject to the advice and direction of Madame Justice Romaine of the CCAA Court, Class Counsel expects to be able to begin disbursing the settlement funds to Class Members by mid-January 2022. Please check back on this website on or after January 7, 2022 for further updates.
An Approval Notice will be sent to all DIL Representative Action Class Members by mail on December 17, 2021. The Notice includes a DIL Representative Action Settlement Funds Payment Election Form. If you have questions about the Form, or any other matter related to the partial settlement or the Approval Notice, please contact Class Counsel at email@example.com or the Settlement Administrator at firstname.lastname@example.org
For further information about the partial settlement, please refer to the Order for Approval and Certification for Partial Settlement, and the Approval Notice.
Update: October 15, 2021
INFORMATION REGARDING THE PARTIAL SETTLEMENT OF THE DIL REPRESENTATIVE ACTIONS
On March 24, 2021, the DIL Creditors Subcommittee(including the Plaintiffs in the proposed class proceedings, aka the “DIL Representative Actions”) and the CEF Creditors’ Subcommittee entered into a Settlement Agreement with the following defendants in each proceeding: the Lutheran Church-Canada, Alberta-British Columbia District(“ABC District”) and its officers and directors, The Alberta-British Columbia District Investments Ltd. (“DIL”), and its officers and directors; and Encharis Community Housing and Services, and its officers and directors (the “Settling Defendants”).
It is a term of the Settlement Agreement that the Consideration(money) payable by the Settling Defendants to the DIL depositors who have opted into or are deemed to have opted into the proposed class proceeding shall remain confidential, subject to the discretion of the Court.Accordingly, the amount of the Consideration has been redacted from para. 1 of the Settlement Agreement.
The Settlement Agreement is subject to the approval of Associate Chief Justice Rooke of the Alberta Court of Queen’s Bench. On September 14, 2021, Mr.Justice Rooke ordered that the Plaintiffs’ application for approval of the Settlement Agreement, partial certification of the Alberta DIL Representative Action for the purposes of settlement, and payment of class counsel fees(the “Court Application”), shall be heard on November 25, 2021.
Mr.Justice Rooke has approved a form of Hearing Notice, which has been sent to all DIL depositors who have opted in or are deemed to have opted in to the DIL Representative Actions.Mr.Justice Rooke has also issued a Hearing Notice Approval Order in the Alberta proceeding. Please review these documents to learn how you may view and/or participate in the Court Application if you wish to do so.
The proposed British Columbia DIL Representative Action has been discontinued, as a term of the Settlement Agreement and with the consent of all parties.If the Settlement Agreement is approved, the Alberta DIL Representative Action will continue against only those defendants who are not parties to the Settlement Agreement.
FOR DIL REPRESENTATIVE CLASS MEMBERS ONLY:
The accounting firm of MNP LLP has been retained to act as the Settlement Administrator.To learn your own estimated share of the Consideration payable under the Settlement Agreement (subject to the approval of the Settlement Agreement by the Court, and which may change based upon order(s) made by the Court at the Court Application) you may access the confidential Settlement Calculator through the Portal below using the personalized passcode provided to you in the Hearing Notice which has been mailed to you at your last known address provided to the Monitor in the CCAA Proceedings.If you have difficulties accessing the Portal, or if you have misplaced the Hearing Notice containing your individualized passcode to the Portal, please contact Class Counsel Errin Poyner at email@example.com.