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
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.For
more information, visit www.classactionlaw.ca.