Sutts, Strosberg LLP



January 13, 2014 14:23 ET

Sutts, Strosberg LLP Announces Update to the Bre-X Class Action

WINDSOR, ONTARIO--(Marketwired - Jan. 13, 2014) - The Class Actions that originated in the Ontario Superior Court of Justice resulting from the Bre-X bankruptcy and the "gold fraud allegations" in the Busang are now the only actions against the Estate of David Walsh, Bre-X's former president, his wife Jeannette, John Felderhof, Bre-X's former chief geologist, his former wife Ingrid Felderhof, Spartacus Corp., Stephen McAnulty and Nancy McAnulty.

Over the last year, the actions by Bre-X's Trustee in Bankruptcy in Ontario, Alberta and the Cayman Islands have been dismissed and a Mareva injunction in the Cayman Islands has been dissolved.

As a result of the dissolving of the Mareva injunction in the Cayman Islands, Mr. Strosberg has concluded that there is no reasonable prospect of a recovery even if this class action was ultimately successful.

There will be a motion before Justice Perell on February 20, 2014, at 10:00 a.m. at Osgoode Hall, 130 Queen Street West, Toronto, Ontario for:

  1. an order dismissing the Carom v. Bre-X Class Action without costs and relieving and releasing Paul J. Pape and Sutts, Strosberg LLP from the Undertaking made to the Court on April 6, 2005;

  2. an order dismissing the action Carom v. Ingrid Felderhof and Spartacus Corp., Court File No. 97-GD-42399, without costs;

  3. an order declaring that the amount of US$573,908.77 in trust under paragraph 27(c) of the Amended Bresea Agreement should be allocated 67% in favour of the Ontario Class and 35% to the U.S. Class;

  4. an order declaring that the approximate amount of $4.2 million should be paid cy près to the Access to Justice Fund operated by the Law Foundation of Ontario;

  5. alternatively, an order declaring and directing that the Trustee should operate a claims' process, settling the terms and costs of the claims' process and make all necessary directions; and

  6. an order paying to Sutts, Strosberg LLP, in trust for Class Counsel, the amount of $458,515 held in paragraph 30(1)(b) trust for Class Counsel's fees and disbursements.

The notice of motion and affidavit may be reviewed at the website www.brexclassaction.com. All class members may attend the motion before Justice Perell or the class members may send comments or submissions by email, fax or letters to:

Sutts, Strosberg LLP
Lawyers
600-251 Goyeau Street
Windsor, ON N9A 6V1
Telephone: 1.800.229.5323
Facsimile: 519.561.6203
Email: dtocco@strosbergco.com

Contact Information

  • Sutts, Strosberg LLP
    Debbie Tocco
    1.800.229.5323