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This claims administration website was updated on March 28, 2023
ALL SEPTEMBER DISCLOSURE CHEQUES HAVE BEEN ISSUED
ALL SEPTEMBER DISCLOSURE AND NOVEMBER DISCLOSURE CHEQUES RETURNED HAVE BEEN REISSUED
ALL NOVEMBER DISCLOSURE CHEQUES NOT PROCESSED BY TD BANK HAVE BEEN REISSUED
✔ All September Disclosure cheques have been sent by regular mail through Canada Post.
✔ The cheques were mailed to the address on your Claim Form.
✔ Please make sure your address is up to date in the online claims administration portal.
✔ All September Disclosure cheques must be cashed by May 31, 2023.
Once again, please accept my apologies for the issues regarding the processing of the November Disclosure cheques. And Thank you for your continued patience while we worked with our financial institution to make sure cheques are processed going forward.
We appreciate that you have been inconvenienced while we worked with the TD Bank to assure that cheques that were previously presented for payment and denied are not cashed after we reissue the second cheque. It took longer than anticipated to resolve this issue with our financial institution. We need to be very clear that no payments are to be reissued until we have all cheques verified and arrangements made that no Claimant receives a duplicate payment. You will receive your Distribution payment in due course as cheques are currently being reissued. We anticipate all November Disclosure cheques to be reissued by February 10, 2023.
This issue occurred at the printer when the cheques were coded incorrectly. I take full responsibility for this and fixing the mistake. We are doing everything as quickly as possible to make this right, while protecting the money in the Net Settlement Fund, and taking care of all our Class Members. Please let us know if you have incurred bank charges as a result of this issue and we will reimburse you accordingly.
May I please ask you to be patient while we resolve this issue for all Class Members.
The Claims Administrator’s recommendations to the Court seeking amendments to the Plan of Allocation to increase the amount paid to September Disclosure Claimants has been approved by the Court. We now have authorization from the Court to make Distributions to September Disclosure Authorized Claimants.
The Court agreed with Trilogy’s recommendations to reallocate the overage from the November Disclosure Compensation Fund to the September Disclosure Compensation Fund. This increased the September Disclosure Compensation Fund by $292,758.99 from $748,500 to $1,041,258.99. This increased the Pro Rata payments to the September Disclosure Authorized Claimants.
September Disclosure Class Members filed 3,598 Claim Forms with a total Maximum Entitlement of $25,495,547.69.
September Disclosure Claim Forms approved equaled 1,582 with a total Maximum Entitlement of $14,500,174.65.
September Disclosure Compensation Funds available for payment is $1,041.258.99. This is the reason the Pro Rata amount and percentage is low.
All September Disclosure Authorized Claimants are to receive the Pro Rata Payment of their Maximum Entitlement. September Disclosure Authorized Claimants WILL NOT receive their Maximum Entitlement. The amount of the cheque you will receive is the amount of your Pro Rata Payment.
As explained by Class Counsel to the Court, (the lawyers who represent Class Members):
“The two disclosure periods (September and November) were designed to reflect the increased litigation risk faced in addressing the knowledge requirement of a non-core disclosure document (such as the September Disclosure) and the economic reality that FSD could not pay the damages resulting from the earlier date (the September period).
The split between the September Disclosure and November Disclosure was thus meant to maximize recovery for those that Class Counsel considered to have the stronger claim (and for which leave was obtained), while providing recovery also for the still-meritorious original period.
Despite the real reasons for the bifurcated distribution, the payout process under the Claims Administration has now resulted in the need to re-balance the funds between the September and November Disclosure periods, namely, because of an unexpectedly high percentage of recovery in the November Disclosure period.
This would leave approximately $240,457.28 ($292,758.00) in overage from the November Disclosure. By allocating the overage from the November Disclosure to the September Disclosure, the Pro Rata Distribution for the September Disclosure Period Authorized Claimants will increase approximately 1.6350%, resulting in more equitable Distribution for Authorized Claims and without compromising the Pro Rata Distributions payments to the November Disclosure Authorized Claimants.
Pursuant to Trilogy’s recommendation to the Court, a term must be added in an Amended Plan of Allocation to allow for a transfer of the overage funds from the November Disclosure to the September Disclosure.”
A copy of the proposed Amended Plan of Allocation is also available on the document’s webpage. Please see the documents webpage at https://www.fsdsecuritiesclassaction.com/case-documents to review the Court approved Plan of Allocation and Settlement Agreement. The relevant sections of the Plan of Allocation are posted below.
You may review your Claim in the online claims administration portal at https://portal.fsdsecuritiesclassaction.com
We now have authorization from the Court to make Distributions to November Disclosure Authorized Claimants as recommended by Trilogy Class Action Services. All November Disclosure Authorized Claimants are to receive 100% of their Maximum Entitlement. The amount of the cheque you will receive is the amount of your Maximum Entitlement.
Pursuant to the Court approved Plan of Allocation:
“In no event shall an Authorized Claimant receive a Distribution greater than his/her/its Maximum Entitlement”
Pursuant to the Court approved Plan of Allocation:
“If for any reason an Authorized Claimant does not cash a cheque within six (6) months after the date on which the cheque was set (sent) to the Authorized Claimant, the Authorized Claimant shall forfeit the right to compensation and the funds shall become available for allocation to other Authorized Claimants on a pro rata basis up to each Authorized Claimant’s Maximum Entitlement in each Category. No cheques will be reissued.”
It is important that Class Members check on a regular basis the website at www.fsdsecuritiesclassaction.com or the pop-up message when you log into the portal to review the status of your Claim.
Please contact our office if you have any questions or require additional information.
Trilogy Class Action Services,
117 Queen Street, P.O. Box 1000,
Niagara-on-the-Lake, ON, L0S1J0
Toll Free: (877) 400-1211
Trilogy Class Action Services does not provide legal advice nor tax advice. The content on this website is provided for information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this website are advised to seek specific legal advice by contacting members of the firm(s) located on the Contact Page, Class Counsel or independent legal advice regarding any specific legal issues. Trilogy Class Action Services does not warrant or guarantee the quality, accuracy or completeness of any information on this website. The information published on this website is current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose. If there is a discrepancy between the content of the website and the Court documents, the content of the Court documents shall apply. The Court documents may be found on the Documents page of this website.