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ParkLane Gift Program

Update

Settlement Approved

On Friday, April 28, 2017 the court approved the final settlement in this matter. All claims, counterclaims, cross-claims and Third Party Claims have been dismissed. A copy of the settlement approval order may be accessed here. 

The settlement provides for the payment of $17.5 million. After payment of legal fees, the Class Proceedings Fund levy and administrative costs, the balance will be distributed to all class members who submit a valid claim form by July 31, 2017, which is the Claim Deadline. Claims submitted after that date will not be accepted. 

A notice respecting the settlement approval, and explaining how to make a claim will be sent to the last known addresses for all class members. Prepopulated claim forms will be accessible by Internet using a unique identifier which the claims administrator will include with the notice. Blank claim forms will be posted on the administrator's website at parklanesettlement.ca/. 

Questions about how to make a claim or the claims process should be directed to the claims administrator at parklane@nptricepoint.com or 1-888-663-7194.

Settlement reached with ParkLane and other Remaining Defendants

Settlement reached with the Remaining Defendants – ParkLane Financial Corporation, Trafalgar Associates Limited, Trafalgar Trading Limited, and Appleby Services (Bermuda) Limited as the Trustee of the Bermuda Longtail Trust

On March 8, 2017, the Plaintiff entered into a settlement agreement with the remaining Defendants in this action. The settlement was approved on April 28, 2017.

Under the terms of the settlement, the Remaining Defendants have paid $17,500,000 plus $164,931.50 of accrued interest in exchange for a full and final release of all claims brought in the proceeding.

The Third Party Claims, cross-claims and counterclaims have also been dismissed. All aspects of the dispute are now at an end.

The notice advising of the settlement approval hearing and the settlement approval order are posted under the Documents tab, below.

Class counsel will be paid from the settlement fund, in accordance with the terms of their retainer agreement with the representative plaintiff, in the amount of $5,829,427.20, or 33% of the settlement fund (+ HST). In addition 10% of the net settlement must be paid to the Class Proceedings Fund as its levy.

The settlement agreement can be reviewed in full under the Documents tab, below.

The affidavits of Class Counsel and of the representative plaintiff, Mr. Cannon, which set out why they have concluded that this settlement is fair and reasonable and in the best interests of the class are posted under the Documents tab, below.

Questions regarding the proposed settlement should be directed to:

parklaneclassaction@paliareroland.com, or
1-888-684-5545 

CRA offer to settle Objections to Reassessment

It has been brought to our attention that CRA has been making offers to settle to class members who filed valid Notices of Objection when their taxes were reassessed by CRA disallowing the tax credits for participation in the Donations for Canada Gift Program.  If you filed a Notice of Objection, you should receive a letter from CRA setting out the terms of their offer.  Please see the June 2 Newsletter from Class counsel under the Documents section below for more information.

We strongly urge you to review the CRA offer with your own accountant or tax advisor.  Class Counsel cannot provide individual advice to class members regarding these offers.

Status of the Action

The action is now at an end.

Last Updated May 2017