In February 2007, Siskinds LLP and Abells Regan LLP filed class actions in Ontario and Alberta against 1000128 Alberta Ltd., CNPC International (Canada) Ltd., China National Oil & Gas Exploration & Development Corp., CNPC International Ltd. and China National Petroleum Corporation (the “Defendants”). The class actions alleged that the Defendants engaged in insider trading and “tipping” relating to the common shares of PetroKazakhstan Inc. (“PKZ”) and participated in an unlawful conspiracy to engage in insider trading and “tipping” relating to the common shares of PKZ, contrary to statutory and common law.
The PetroKazakhstan Inc. class actions sought damages on behalf of all persons who sold common shares of PKZ from and including June 17, 2005 to and including August 12, 2005.
On July 12, 2010, the parties reached an agreement to settle the Ontario and Alberta actions for CAD$9.99 million. The settlement is a compromise of disputed claims and the settlement agreement contains no admission of wrongdoing by the Defendants, all of whom have expressly denied any liability or wrongdoing, and continue to do so.
The deadline for applying to receive settlement benefits has passed and all settlement funds have been distributed.