Atlas Cold Storage Holdings Inc.

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Company Name(s): 
Atlas Cold Storage Holdings
Case Name: 
Atlas Cold Storage Holdings Inc. Case
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Class Period Begin: 
03/01/2002
Class Period End: 
08/29/2003
Court of Filing: 
Ontario Superior Court of Justice
Date Settled: 
07/09/2008
Settlement Amount: 
$40,000,000
Deadline to Participate in Settlement: 
03/02/2009
Summary: 

In 2004, the plaintiffs commenced a class action against Atlas Cold Storage Holdings Inc. (“Atlas”) and others in the Ontario Superior Court of Justice. The plaintiffs allege that Atlas and others misrepresented the earnings of Atlas causing damages to the Class Members.

On July 9, 2008, Justice Lax certified the action as a class proceeding and approved a settlement. The defendants do not admit any wrongdoing or liability. The settlement is a compromise of disputed claims.

Some of the defendants will pay the sum of $40 million in full and final settlement of all claims, including Class Counsel Fees, administration costs and the Class Proceedings Fund levy.

The net settlement monies will be distributed in accordance with the court-approved and supervised Distribution Plan.