Banyan Tree Foundation, financiers, lawyers offer to settle suit

publication date: Jan 22, 2012
On February 27, 2008, a Statement of Claim was issued in the Ontario Superior Court of Justice in Toronto that claimed general and special damages for breach of contract and negligence pertaining to the Banyan Tree Foundation Gift Program.

Rochester Financial Limited, Promittere Capital Group Inc., Promittere Asset Management Inc., Banyan Tree Foundation and Fraser Milner Casgrain LLP were named as defendants in the case on the basis of their involvement.

In November 2011, the defendants in this case agreed, without any admission of liability or wrongful conduct, to contribute $11 million to a settlement fund pending the approval of the Ontario Superior Court of Justice on January 17, 2012. The defendants agreed to this settlement in order to end the ongoing distraction and cost of a complex litigation process.

Scarfone Hawkins LLP of Hamilton, a law firm with significant experience in handling large, complex class action cases, acts for the plaintiffs in this case. Lawyers David Thompson and Matthew G. Moloci say that they are pleased with the settlement and will be urging the court to approve it.

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