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 was 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 provided, if its conditions were 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 were 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.
The Claims Administrator
The Court appointed Marsh Risk Consulting Canada (“Marsh”) as the Claims Administrator for the Settlement Agreement.