Introduction
The class action settlement became final on June 23, 2009, and the Defendants paid up on July 7, 2009. The class action is now complete. The Receiver obtained a court order on September 4, 2009, authorizing it to make an interim distribution to shareholders. It expects to complete this distribution by the middle of October 2009. If you have any questions regarding the distribution you may contact the Receiver at crocusfund@deloitte.ca or alternatively call 1-866-893-8710.
Introduction
Dear Crocus Shareholder,
I am writing to provide a brief update on the class actions. Assuming most shareholders do not opt out, the settlements become final on June 23. The defendants then pay up by July 7. The Receiver plans to make an initial distribution thereafter.
Assuming the settlements become final, we will be asking the court for approval of our fees on June 25. You will not be getting a bill from us. Any fee approved by the court will not reduce the money already in your account. Under our fee agreement, the legal fee is 33.33% of the settlement funds plus GST and disbursements. The court will decide whether the fee agreement is reasonable based on its assessment of the work we have done. If you have further questions, please do not hesitate to contact me, or refer to our website where we have posted our fee agreement along with other court documents.
Yours truly,
Doug Lennox
Klein Lawyers
Barristers & Solicitors
Suite 5600
100 King Street West
Toronto, ON, M5X 1C9
Tel: 416-506-1944
Fax: 416-506-0601
Toll-free: 1-800-216-1383
“The negotiations were conducted by plaintiffs’ counsel with experience in class proceedings.”
“I am satisfied it is apparent from the material, which is complicated, and, I might say very well organized...”
“Plaintiff’s counsel are senior members of the bar who have extensive experience in personal injury litigation and class actions..”
“Mr. Klein is experienced and able in relation to class proceedings. Over time he has acquired expertise that permits him to make a valuable contribution...”
“The lead class counsel is experienced and has been recognized by the courts in approving settlements in other class actions.”
“Counsel for the plaintiffs in the various jurisdictions appear to be experienced in class proceedings, and to be recognized as skilled litigators.”
“…Plaintiff’s counsel retained the British Columbia law firm of Klein Lawyers to assist in the litigation. That firm has extensive experience...”
“Klein Lawyers is a litigation firm focusing on class actions. The firm is based in Vancouver but also has a Toronto office.”
“The proposed Class Counsel have excellent qualifications…”
“Mr. Klein of Klein Lawyers has over 20 years of experience in the field of class action litigation and has appeared as plaintiffs’ counsel in over 25 certified class actions...”
“Class counsel, Klein Lawyers LLP and Kim Orr Barristers P.C., are highly experienced in class action litigation. Both firms have practiced in the specialized area of class action litigation for over 20 years”
“British Columbia class counsel took on this case on a contingency basis, and faced a real risk of not being paid at all for their services.”
“Class counsel pursued this litigation to completion on their own rather than with a consortium of counsel from various provinces.”
“Klein Lawyers has continuously posted updates about the case on its website during the litigation, and has posted the court decisions...”
“There is little doubt that the lawyers of the firm expended a great deal of time in prosecuting the action, in negotiating a settlement...”
“…Class counsel undertook an extensive communication plan to advise potential class members of the proposed settlement and to advise them of the...”
