Ontario Superior Court approves class action settlement involving Bermuda companies and Bermuda trust

A final settlement has been approved by the Ontario Superior Court of Justice in the class action Cannon v. ParkLane Financial Group Limited et al. regarding the ParkLane Funds for Canada Gift Program, which operated from 2005 – 2009.

The settlement is a negotiated resolution of disputed claims; the Court has not made any finding of liability against any of the Defendants in respect of any of the allegations raised in the class action; and the Defendants do not admit any wrongdoing or liability in connection with the class action.

Under the terms of the settlement, ParkLane Financial Group Limited, Trafalgar Associates Limited, Trafalgar Trading Limited and Estera Services (Bermuda) Limited as the Trustee of the Bermuda Longtail Trust have paid $17,500,000 plus interest of $164,931.50, and the action against them, as well as all cross-claims, counterclaims and third party claims have been dismissed, bringing the class action to an end.

This is the second settlement in this class action.  In 2013, several Defendants settled with the class, paying a little over $28 million.  The funds from that settlement were distributed to the class in 2014.

The notice of settlement and other related documents regarding the settlement are available at www.parklaneclassaction.com.

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