Paliare Roland

Class Actions

ING - Pension Surplus Class Action

STATUS

On August 28, 2007, the Superintendent of Financial Services gave Consent to the distribution of surplus in accordance with the Surplus Sharing Agreement. ING Canada Inc. began distributing the surplus in
October, 2007 which is ongoing.

For more information, please contact Andrew Lokan via e-mail or telephone 416.646.4300.

Case Summary

This proceeding, commenced by application dated February 6, 2006, was certified as a class proceeding under the Class Proceedings Act, 1992 on March 28, 2006 by Order of the Ontario Superior Court of Justice.

The Applicant, ING Canada Inc., sought to determine the entitlement to a surplus which the Financial Services Commission of Ontario (“FSCO”) required to be distributed in connection with a partial wind-up of the Wellington Insurance Company Pension Plan (the “Plan”). The partial wind-up arose because Wellington Insurance Company (“Wellington”) closed its Toronto head office in or about June 1990. Subsequently, effective September 14, 1995, the Applicant purchased all of the issued and outstanding shares of the Wellington Plan which had, up until that point, been maintained by Wellington for its employees.

The Respondent Class constitutes former employees of Wellington who ceased to be employees between the period of November 1, 1989 and June 30, 1990 as a result of the relocation of the corporate head office of Wellington from Toronto to London, Ontario.

The Court appointed Sidney Harris as the Representative Respondent, and appointed Paliare Roland Rosenberg Rothstein LLP (“Class Counsel”) to represent Mr. Harris and the Respondent Class in these proceedings.

A Notice of Certification was mailed to all members of the Respondent Class, whose mailing address was known to the Applicant, on April 6, 2006.

Settlement

On September 8, 2006, the Honourable Justice Cullity of the Superior Court of Justice approved the Surplus Sharing Agreement which resolves the issues in this class proceeding.

Please click here to view a copy of Judgment dated September 8, 2006.

Please click here to view a copy of the Surplus Sharing Agreement.

Please click here to view information regarding the tax withholding rates for lump sum payments.

On June 13, 2007, the Superintendent of the Financial Services Commission of Ontario issued a Notice of Proposal to approve the surplus distribution. Please click here to view the Notice of Proposal.

For further information concerning this class action, please contact Andrew Lokan or Odette Soriano via e-mail or telephone 416.646.4300.