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We have resumed the adjudication of Claim Forms and initial Claim Determination Notices and Revised Claim Determination Notices will be sent the week of February 14, 2022.
We have resolved the issue with regards to the application of Section 225.28 of the Quebec Securities Act and the Calculation of the Maximum Entitlement pursuant to Section 7 of the Court approved Plan of Allocation.
Pursuant to the Plan of Allocation:
“Maximum Entitlement” means an Authorized Claimant’s actual loss on Eligible Securities, as calculated pursuant to the formula set forth in section 7 of the Plan of Allocation.
The Maximum Entitlement shall be calculated as follows:
The Distribution to Primary Market Sub-Class Authorized Claimants will be capped at CDN $2,500,000, minus the pro rata payment of Class Counsel Fees and Administration Expenses. Any remainder after the Primary Market Authorized Claimants have been paid, or if no such payment is effected, will revert to and be paid to Secondary Market Sub-Class Authorized Claimants;
The Distribution to each Authorized Claimant will be calculated by the Administrator by allocating the Compensation Fund to the Primary and Secondary Markets and then by dividing the Compensation Fund in each sub-class by the total number of Eligible Securities for all Authorized Claimants in each Sub-Class to arrive at a per Eligible Security distribution amount defined herein as the “Pro Rata Distribution”;
The Administrator will then multiply the Pro Rata Distribution by the number of Eligible Securities held by an Authorized Claimant to arrive at the Distribution to be paid to each Authorized Claimant;
In no event shall an Authorized Claimant receive a Distribution greater than his/her/its Maximum Entitlement.
We anticipant numerous appeals (election for review process) based on the application of Section 225.28 of the Quebec Securities Act and the Calculation of the Maximum Entitlement pursuant to Section 7 of the Court approved Plan of Allocation. This process will take approximately sixty (60) to ninety (90) days.
As soon as practicable after the completion of the claims submission and election for review process, the Administrator will bring a motion to the Court for authorization to make Distributions from the Compensation Fund. In support of this motion, the Administrator will file the Distribution List with the Court in a manner that protects the privacy of persons on the Distribution List.
No Distribution shall be made by the Administrator until authorized by the Court.
No Distribution shall be made by the Administrator in respect of any amount under $5, and the name(s) of the Authorized Claimant(s) with claims under this amount shall be excluded from the Distribution List in respect of such claims.
The Administrator may make interim Distributions if authorized by the Court.
Each Authorized Claimant whose name appears on the Distribution List shall comply with any condition precedent to Distribution that the Court may impose.
The Administrator shall make Distributions from the Compensation Fund forthwith after receipt of authorization from the Court to make Distributions to the Authorized Claimants whose names are on the Distribution List.
If a Claimant disagrees with the Administrator’s decision relating to eligibility to share in the Distribution, the determination of the number of Eligible Securities, or the amount of his/her/its Maximum Entitlement, a Claimant may elect a Reference by the Referee by delivering a written election for review to the Administrator within fifteen (15) days of receipt of the Administrator’s decision.
The election for a Reference must set out the basis for the disagreement with the Administrator’s decision and attach all documents relevant to the review which have not previously been delivered to the Administrator. This election for a Reference must be accompanied by a certified cheque or money order, payable to Trilogy Class Action Services, the Administrator, in the amount of $150.
“Reference” means the procedure by which a Claimant who disagrees with the Administrator’s decision relating to eligibility for compensation, the determination of the number of Eligible Securities, or the amount of the Distribution, may appeal the Administrator’s decision and have it reviewed by the Referee.
Upon receipt of an election for a Reference, the Administrator shall provide the Referee with online access to a copy of:
The Referee will carry out the Reference in an inexpensive, summary manner. The Referee will provide all necessary procedural directions and the review will be in writing unless the Referee provides otherwise. The Administrator shall participate in the process established by the Referee to the extent directed by the Referee.
The Referee shall deliver a written decision to the Claimant and the Administrator. If the Referee overturns the Administrator’s decision relating to eligibility to share in the Distribution, the number of Eligible Securities or his/her/its Maximum Entitlement, the Administrator shall return the $150 deposit to the Claimant. If the Referee does not overturn the Administrator’s decision, the Administrator shall add the $150 to the Compensation Fund.
The Referee shall have such powers and rights as are reasonably necessary to discharge his or her duties and obligations. The Referee shall establish and employ a summary procedure to review any disputes arising from a decision of the Administrator, and may enter into such mediation and arbitration proceedings as the Referee may deem necessary. All decisions of the Referee shall be in writing and shall be final and conclusive and there shall be no appeal therefrom whatsoever.
It is important that Class Members and Claimants check the website: https://www.amayasecuritiessettlementcanada.com and/or log into the online claims administration portal at https://www.amayasecuritiessettlementcanada.com/portal on a regular basis for updates in regards to the claims administration and their individual Claim.
If there is a conflict between the this website and the Settlement Agreement, the terms of the Settlement Agreement shall prevail.
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.