A class action lawsuit was commenced in Manitoba, Canada against Great-West Lifeco Inc. (“Lifeco”) and Canada Life Financial Corporation (“CLFC”) (collectively, the "Defendants"). The class action lawsuit relates to the acquisition of CLFC by Lifeco in July 2003 (the "Transaction"). The Statement of Claim alleges that the Defendants failed to take reasonable steps to notify certain shareholders of CLFC of the Transaction and to provide to these shareholders the Consideration (a combination of cash and shares of Lifeco) to which they were entitled as a result of the Transaction.
Many of the CLFC shareholders who did not receive notice of the Transaction were former participating policyholders of The Canada Life Assurance Company ("Canada Life") who became CLFC shareholders when Canada Life demutualized in 1999, transitioning from a mutual insurance company to a stock life insurance company. Some Canada Life participating policyholders did not receive notification of the Demutualization and therefore may not have been aware that they had become CLFC shareholders.
The Parties have entered into a Settlement Agreement that resolves the class action. The deadline for claiming benefits under the Settlement Agreement or excluding yourself from the proceeding has passed. For persons who filed timely claims, the claims decisions were sent out in early 2011. For persons who filed late claims or late supporting documents, claims decisions were sent out in early 2012.
The Plaintiff in the class action and Class Members were represented by Siskinds LLP, a law firm located in London, Ontario, Canada. If you have any questions about the class action you may contact Siskinds LLP by email by clicking on the Contact Us link below, or by calling toll free from North America 1-800-461-6166 x 2380. Please note that no further claims under this settlement are being processed.