In February 2006, Siskinds and the law firm of Cavalluzzo Hayes Shilton McIntyre & Cornish ("Cavalluzzo") commenced a class action lawsuit in the Ontario Superior Court of Justice against Royal Group Technologies Ltd. ("Royal Group") and eight current and former officers and directors of Royal Group. The lawsuit was commenced on behalf of the Canadian Commercial Workers Industry Pension Plan ("CCWIPP").
In the lawsuit, CCWIPP seeks to act on behalf of all persons and entities (except the defendants and certain related persons and entities) who purchased securities of Royal Group between February 26, 1998 and October 18, 2004 (the "Class Period").
In the lawsuit, it is alleged that, during the Class Period, the defendants failed to disclose various transactions required by law to be disclosed, because those transactions were between Royal Group and various parties related to Royal Group (including certain of the individual defendants). It is further alleged that the failure to disclose these transactions caused damages to the class members. The plaintiff also seeks punitive damages.
Following a mediation process before a retired judge of the California Superior Court assisted by a Canadian lawyer with experience in class actions and securities related matters, a settlement was reached to resolve this and parallel litigation in the United States District Court for the Southern District of New York. The relevant documents, including the executed Stipulation and Settlement Agreement are available below.
The claims deadline has passed. Cheques were mailed to Eligible Claimants in April 2012.
- Royal Group Approval Order [PDF Document - English Version]
- Stipulation and Settlement Agreement - dated March 30, 2007
- Long Form Notice [PDF Document - English Version]
- Long Form Notice [PDF Document - French Version]
- Short Form Notice [PDF Document - English Version]
- Short Form Notice [PDF Document - French Version]
- Proof of Claim and Release [PDF Document - English Version]
- Proof of Claim and Release [PDF Document - French Version]
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