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WesternOne to pay $1 million to settle securities class action litigation

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Staff Writer |
Canada   The proposed settlement

WesternOne announced that the parties to the pending class action lawsuit in Ontario against WesternOne and certain of its current and former directors and officers, among others, alleging misrepresentation have entered into an agreement to settle the proceedings.

The claims are unproven, and the settlement is made without any admission of liability. The agreement will result in the dismissal of the action in its entirety, and all members of the class bound by the settlement will be prohibited from bringing further actions relating to the same subject matter of the lawsuit. The settlement is subject to court approval.

The agreement provides for a total settlement payment of $1 million for distribution to eligible class members in accordance with a plan of allocation to be approved by the court, less court-approved fees for class counsel and other expenses (including the litigation funder's fees). The entire settlement amount will be fully funded by insurance.

WesternOne continues to firmly believe that its disclosure satisfied applicable disclosure requirements and defended itself vigorously in this action.

The agreement to settle the class action avoids the potential cost of a trial and brings to an efficient conclusion the disclosure litigation. Given these circumstances, WesternOne believes the settlement is fair, reasonable and in the best interests of WesternOne.

The agreement contains no admission of wrongdoing by WesternOne or any of its current or former directors and officers, nor are WesternOne or any of its current or former directors and officers acknowledging any liability, wrongdoing or violation of laws by entering into the settlement agreement.

The proposed settlement is subject to court approval. Details regarding the proposed settlement will be provided to potential class members. At this time, there can be no assurance that the settlement will receive the required court approval. Dates have not been set for settlement approval hearings.

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