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In March 2012, Siskinds LLP and its Québec affiliate, Siskinds, Desmeules, Avocats, filed class actions in the Ontario Superior Court of Justice and the Québec Superior Court against Agnico Eagle Mines Limited (“Agnico Eagle”) and certain of Agnico Eagle’s current or former officers and directors.

The actions allege that disclosure documents issued by Agnico Eagle during the class period contained misrepresentations by failing to disclose the specific risks regarding ongoing water inflow at its Goldex mine. They further allege that the defendants’ misrepresentations caused the price of Agnico Eagle’s securities to become inflated, and that the class members suffered damage when the truth was revealed to the investing public.

Developments

On April 17, 2013, Justice Belobaba of the Ontario Superior Court of Justice certified the Ontario action as a class proceeding, and appointed AFA Livförsäkringsaktiebolag, AFA Sjukförsäkringsaktiebolag, AFA Trygghetsförsäkringsaktiebolag, Kollektivavtalsstiftelsen Trygghetsfonden TSL and William Leslie as representative plaintiffs. Justice Belobaba also granted leave to the plaintiffs in the Ontario action to commence an action under the secondary market liability provisions of the Ontario Securities Act. On October 1, 2013, Justice Dufresne of the Québec Superior Court authorized the Québec action as a class proceeding, and appointed Jean-Paul Delaire as representative plaintiff. Justice Dufresne also granted leave to the plaintiff in the Québec action to commence an action under the secondary market liability provisions of the Québec Securities Act. The Ontario and Québec proceedings are, together, advanced on behalf of the following class: all persons, wherever they may reside or be domiciled, who acquired securities of Agnico Eagle either:

  • over the TSX, Chi-X, Alpha, Omega, TriAct, TMX Select, Pure Trading, Liquidnet and Instinet Canada trading platforms between, and including, March 26, 2010 and October 18, 2011; OR
  • in exchange for securities of Comaplex Minerals Corp. by way of a plan of arrangement pursuant to the Alberta Business Corporations Act completed on or around July 6, 2010,
  • and continued to hold some or all of those securities on one or both of July 28, 2011 and October 19, 2011, except for certain “excluded persons” associated with the defendants.

The Ontario and Québec courts approved a notice with respect to leave and certification. You can access a copy of the notice on the “Documents” page for this class action.

The plaintiffs and Agnico have entered into an agreement to settle the action for CAD$17 million. The Settlement Agreement, Plan of Allocation and Class Counsel fees have been approved by the Ontario Superior Court of Justice and the Superior Court of Quebec.

A copy of the Settlement Agreement can be found here: [Settlement Agreement]

The Plan of Allocation can be found here: [Plan of Allocation]

Class Members who wish to participate in the settlement must submit a Claim Form no later than May 20, 2016.

A notice explaining the Settlement and how to file a claim can be found here: [English] and [French]

A copy of the Claim Form can be accessed here: [English] and [French]

FAQs

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep any documents that you have relating to this litigation, including any documents evidencing your transactions in the issuer’s securities.
  2. Register above to receive updates about the class action.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

On April 17, 2013, Justice Belobaba of the Ontario Superior Court of Justice certified the Ontario action as a class proceeding, and appointed AFA Livförsäkringsaktiebolag, AFA Sjukförsäkringsaktiebolag, AFA Trygghetsförsäkringsaktiebolag, Kollektivavtalsstiftelsen Trygghetsfonden TSL and William Leslie as representative plaintiffs. Justice Belobaba also granted leave to the plaintiffs in the Ontario action to commence an action under the secondary market liability provisions of the Ontario Securities Act. On October 1, 2013, Justice Dufresne of the Québec Superior Court authorized the Québec action as a class proceeding, and appointed Jean-Paul Delaire as representative plaintiff. Justice Dufresne also granted leave to the plaintiff in the Québec action to commence an action under the secondary market liability provisions of the Québec Securities Act. The Ontario and Québec proceedings are, together, advanced on behalf of the following class: all persons, wherever they may reside or be domiciled, who acquired securities of Agnico Eagle either:

  • over the TSX, Chi-X, Alpha, Omega, TriAct, TMX Select, Pure Trading, Liquidnet and Instinet Canada trading platforms between, and including, March 26, 2010 and October 18, 2011; OR
  • in exchange for securities of Comaplex Minerals Corp. by way of a plan of arrangement pursuant to the Alberta Business Corporations Act completed on or around July 6, 2010,
  • and continued to hold some or all of those securities on one or both of July 28, 2011 and October 19, 2011, except for certain “excluded persons” associated with the defendants.

The Ontario and Québec courts approved a notice with respect to leave and certification. You can access a copy of the notice on the “Documents” page for this class action.

The plaintiffs and Agnico have entered into an agreement to settle the action for CAD$17 million. The Settlement Agreement, Plan of Allocation and Class Counsel fees have been approved by the Ontario Superior Court of Justice and the Superior Court of Quebec.

A copy of the Settlement Agreement can be found here: [Settlement Agreement]

The Plan of Allocation can be found here: [Plan of Allocation]

Class Members who wish to participate in the settlement must submit a Claim Form no later than May 20, 2016.

A notice explaining the Settlement and how to file a claim can be found here: [English] and [French]

A copy of the Claim Form can be accessed here: [English] and [French]

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep any documents that you have relating to this litigation, including any documents evidencing your transactions in the issuer’s securities.
  2. Register above to receive updates about the class action.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.