The Class Action
In March 2012, a proposed class action was commenced in the Ontario Superior Court of Justice (the “Proceeding”) against Kinross Gold Corporation, Tye W. Burt, Paul H. Barry, Glen J. Masterman and Kenneth G. Thomas (the “Defendants”) by the Trustees of the Musicians’ Pension Fund of Canada (the “Plaintiffs”). Since that time, the litigation has been vigorously contested. The Defendants deny the allegations and deny any wrongdoing or liability.
In April 2015, the Plaintiffs and the Defendants entered into a proposed settlement agreement (the “Settlement Agreement”). The Settlement provides, if its conditions are fulfilled, that CAD$12.5 million (the “Settlement Amount”) shall be paid into an interest bearing account for the benefit of the Class.
The Plaintiffs also proposed a plan of allocation and distribution of the Settlement Amount (the “Claims and Distribution Protocol”).
On June 17, 2015, the Ontario Superior Court of Justice approved the Settlement Agreement and the Claims and Distribution Protocol, concluding that the Settlement Agreement and the Claims and Distribution Protocol are fair, reasonable, and in the best interest of the Class.
A copy of the Settlement agreement, the Claims and Distribution Protocol, the order approving the settlement and other court-approved documents may be downloaded from the Documents page of this website.
Who is Included in the Class and Bound by the Settlement
The Ontario Superior Court of Justice certified the Proceeding as a class action for settlement purposes only and approved the Settlement Agreement on behalf of a class that encompasses the following individuals and entities:
All persons and entities who purchased or otherwise acquired Kinross Gold Corporation shares from November 1, 2010 through and including January 16, 2012 (a) on the Toronto Stock Exchange or other secondary market in Canada; or (b) who are resident of Canada or were resident of Canada at the time of acquisition; and who held some or all of those shares on January 16, 2012 (the “Class”).
Excluded from the Class are the defendants, the officers and directors of Kinross during the relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which the defendants have or had a controlling interest. Excluded Persons are also any persons or entities who, upon the occurrence of the Effective Date in the settlement of the U.S. Proceeding, are members of the “Class” within the meaning of the Stipulation of Settlement in the U.S. Proceeding (unless such persons validly opt-out of the Stipulation of Settlement in the U.S. Proceeding), but only to the extent that those person’s or entity’s claims are claims that relate to Kinross shares that were purchased on the open market in the United States between August 11, 2011 and January 16, 2012, inclusive.
The Claims Administrator
The Court has appointed Marsh Risk Consulting Canada (“Marsh”) to be the Claims Administrator for the Settlement Agreement. The Claims Administrator’s contact information is provided on the Contact page of this website.
Participating in the Settlement
All members of the Class who wish to obtain a payment under the settlement in this Proceeding must register a claim, and submit a completed Claim Form and supporting documents (the “Claim Package”) to the Claims Administrator, on or before August 31, 2015 (“the Claims Bar Deadline”).
All members of the Class will be bound by the terms of the Settlement Agreement whether or not they submit a Claim Form or receive a payment under the settlement.
Requesting Exclusion From the Class
If you are a Class Member and you do not want to be bound by the Settlement Agreement, you must opt out. If you wish to opt out, you must file an Opt-Out Form with Class Counsel. The deadline for receipt of a properly completed Opt-Out Form is July 31, 2015.
Answers to Frequently Asked Questions
The Frequently Asked Questions (“FAQ”) page of this website provides answers to questions about the settlement and the claims process.
Please visit this website regularly as it will be updated with news and court-approved documents throughout the administration of the Kinross settlement.