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Toronto, Ontario M5T 2S6
A settlement has been reached in this class action brought by the Canadian Commercial Workers Industry Pension Plan ("CCWIPP"). In the action CCWIPP sought to recover the losses it suffered from its investment in shares of Royal Group Technologies Ltd. ("Royal Group"). The primary allegation was that the financial statements of Royal Group did not comply with generally accepted accounting principles and were false or misleading because they failed to disclose a series of related party transactions, which artificially inflated the stock price. A mediation was held with the Honourable Judge Daniel Weinstein, a retired judge of the California Superior Court. A settlement was reached which is dated March 30, 2007 and can be found here. On September 10th, 2007 Justice Quigley of the Ontario Superior Court of Justice approved the notice. A copy of his endorsement is found here. The settlement was approved on December 17, 2007 in Milton, Ontario before Justice Quigley.
Michael Wright represents CCWIPP in this matter.