Siskinds, LLP

Siskinds, LLP

March 08, 2010 06:00 ET

CP Ships Limited Securities Litigation Notice of Settlement Approval

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - This notice is to all Canadian citizens or individuals or entities resident, domiciled, or headquartered in Canada, or organized under the laws of Canada or a Canadian province (other than Excluded Persons, as defined below), who acquired securities of CP Ships Limited ("CP Ships") during the period from January 29, 2003 to and including August 9, 2004 ("Class Period"), and held some or all of those securities on August 9, 2004 ("Class Members").

Read this notice carefully as it may affect your legal rights.

Please note: This is a short form notice, produced for publication purposes, announcing court approval of the settlement reached in this litigation. A Long-Form Notice, with full details of the settlement is available on Class Counsel's website: www.classaction.ca or the Administrator's website: www.nptricepoint.com.

Court Approval of the Settlement of Class Actions

In 2005, class actions were commenced in Ontario, British Columbia and Québec against CP Ships and certain of its current and former officers and directors (the "Defendants"). On August 28, 2008, the Québec Superior Court authorized as a class proceeding on behalf of a national class. Subsequently, on June 3, 2009, the Ontario Superior Court of Justice certified a class consisting of Canadian citizens and entities not included within the Québec Class. By Orders issued by the Québec Superior Court and the Ontario Superior Court of Justice (the "Courts") dated January 18, 2010 and February 3, 2010, respectively, the courts approved the Settlement Agreement reached between the parties to the class actions. The B.C. action was discontinued as part of the approval process. The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.

The Settlement Agreement provides for the settlement of the claims of all Class Members for the sum of $12.8 million (the "Settlement Amount"). The Settlement Amount will be held in an interest bearing account by Class Counsel until the monies are distributed to the Class. The amount of each Class Member's compensation will be calculated by application of the formulae outlined in the Distribution Protocol.

"Excluded Persons" are precluded from receiving compensation pursuant to the Settlement Agreement and include:

  1. the Defendants and the current, former and future officers, directors, partners, members, parents, subsidiaries, administrators, affiliates, employees, agents, attorneys, underwriters, insurers, representatives, heirs, successors in interest and assigns of any Defendant;
  1. Raymond Miles, Frank Halliwell and Ian Webber and all members of their families;
  1. all entities over which any of the foregoing persons or entities has or had during the Class Period any legal or de facto control; and
  1. any person or entity who is included in the settlement class In Re CP Ships Ltd. Securities Litigation (Court File No. 8:05-MD-1656-T-27TBM) (the "U.S. Action"), and who has filed a claim and received compensation in respect of the settlement of the U.S. Action.

Administration of the Settlement Agreement

The Courts have appointed NPT RicePoint Class Action Services ("NPT RicePoint") as the Administrator of this Settlement Agreement. NPT RicePoint will oversee the claims processes (described below) and will distribute the Settlement Amount.

Those Class Members who wish to receive compensation from the Settlement Amount must mail or otherwise submit a completed Claim Form, and any supporting documentation to the Administrator, postmarked no later than Monday, June 7, 2010, at the following address:

CP Ships Ltd. Securities Litigation
Claims Administrator
P.O. Nox 3355
London, ON N6A 4K3

All Class Members will be bound by the terms of the Settlement Agreement unless they "opted out" in accordance with the Pre-Approval Notice. The deadline to opt-out was January 8, 2010.

For further information regarding the terms of the Settlement Agreement or the Distribution Protocol, the process for filing a claim, or to obtain a Claim Form visit the Administrator's website: www.nptricepoint.com or contact the Administrator by calling 1-866-432-5534. Questions may also be directed to Class Counsel as follows:

The law firm of Siskinds LLP is counsel to the plaintiff in the Ontario class proceeding, and can be reached by telephone, toll free, at 1-800-461-6166 ext. 2380.

The law firm of Siskinds, Desmeules s.e.n.c.r.l. is counsel to the Plaintiff in the Québec class proceeding, and can be reached by telephone at 1-418-694-2009.

March 8, 2010

Publication of this Notice has been Authorized by the Ontario Superior Court of Justice and the Québec Superior Court

Contact Information

  • Siskinds LLP
    1-800-461-6166 ext. 2380