Please be advised that the claims process is now complete and all payments have been distributed.
This action, which was commenced in July 2009, alleges that Manulife Financial Corporation ("Manulife") and certain of its current and former officers and directors negligently made misrepresentations relating to Manulife’s risk management practices and policies during the period between April 1, 2004 and February 12, 2009.
Developments
Update
Please be advised that the claims process is now complete and all payments have been distributed.
Settlement
The parties to the Ontario and Quebec actions have agreed to settle the claims for CAD$69 million. On April 29, 2017 the settlement was approved by the Ontario court. A website containing further information regarding the settlement can be viewed here: www.manulifesettlement.com.
On March 21, 2011, the Honourable Justice George Strathy of the Ontario Superior Court of Justice released interim reasons conditionally approving a funding agreement between the plaintiffs in this action and Claims Funding International PLC. On May 24, 2011, His Honour released supplementary reasons, finally approving the agreement. On July 8, 2011, the action filed in Quebec against Manulife was authorized to proceed as a class action. This action is brought on behalf of all residents of Quebec (except those persons who are excluded from the Quebec class by virtue of the Code of Civil Procedure), who, during the class period, purchased or otherwise acquired shares or other securities of Manulife, directly or indirectly, through a mutual fund or otherwise, and who continued to hold those shares as of February 12, 2009. On July 25, 2013, Justice Belobaba of the Ontario Superior Court of Justice certified the Ontario action as a class proceeding, and appointed the Ironworkers Ontario Pension Fund and Leonard Schwartz 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 and the analogous provisions of the securities legislation of each other Canadian Jurisdiction. The Defendants sought leave to appeal from Justice Belobaba’s order. Leave to appeal was denied on March 3, 2014. In May, 2014, notice of certification was sent to class members, providing them with an opportunity to opt-out of the action by August, 2014. The opt-out process completed in August of 2014.
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.
Who is affected by the Manulife class action?
You are affected by the class action and a “member” of the class if you acquired Manulife common shares over the TSX, or under a prospectus filed with a Canadian Securities regulator at any time from April 1, 2004 to February 12, 2009, and continued to hold the common shares until February 12, 2009; as long as you are not either: (1) a Defendant, members of the immediate families of the Individual Defendants, any officers or directors of MFC; or (2) a person who did not opt out of the proposed class action pending in the Quebec Superior Court and styled Comité Syndical National de Retraite Bâtirente Inc. v Société Financière Manuvie (Court File No.: 200-06-000117-096).
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).
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.