Class action settlements have to be approved by the Court. Below are the materials we will rely on in seeking Court approval of both the settlement and our fees.
If you have questions about the proposed settlement, please read the Frequently Asked Questions section below, and the documents linked to this page. If you require additional help, please do not hesitate to contact our office, using the contact information at the top of this page.
Many of the documents below are reproduced in Adobe PDF format, and can be reviewed using Adobe Acrobat® or other Adobe products. For more information on downloading Adobe’s Acrobat Reader program, click here.
- Notification Package
- Settlement Approval Application Materials
- Notice
of Motion, October 31, 2006 [pdf link]
- Affidavit
of David Fredricksen #8, November 1, 2006 [pdf link]
- Affidavit
of Guy Collette #5, October 26, 2006 [pdf link]
- Affidavit
of Janice Myhre #2, October 27, 2006 [pdf link]
- Affidavit
of Paul Dawson #3, October 31, 2006 [pdf link]
- Fee Approval Application Materials
- Notice
of Motion, October 31, 2006 [pdf link]
- Affidavit
of David Fredricksen #8, November 1, 2006 [pdf link]
- Affidavit
of David Fredricksen #7, October 26, 2006 [pdf link]
- Affidavit
of Guy Collette #6, October 26, 2006 [pdf link]
- Affidavit
of Janice Myhre #3, October 27, 2006 [pdf link]
- Frequently Asked Questions
Am I a class member?
Only investors who bought units in Multimetro’s “Nanaimo
B.C. Waterfront First Mortgage” and “Parksville Oceanfront First
Mortgage”, and who bought them from Great Pacific, are class
members.
Investors who purchased their Multimetro units
from sources other than Great Pacific are not class members.
Also, claims arising from other Multimetro
investments (e.g., Quail Ridge, Chemainus) are not covered within
this proceeding. Past and present employees of the Defendant Dundee are not
class members.
Investors who bought these units from the Defendant,
but were living outside of British Columbia as of September 2, 2004, are
not class members unless they specifically choose to participate by sending
us a Notice to Opt In to Class Proceeding.
I bought from Sector Securities – aren’t
they part of this action?
We initially sued Sector as well as Great Pacific. However,
it became clear after thorough investigation that Sector had insufficient
assets to satisfy any judgment against it. As
there was no prospect of recovering anything from them, we discontinued the
suit against Sector Securities in August, 2004.
I lost money on Quail Ridge or other Multimetro investments. Why
were those projects not included in this lawsuit?
We considered including them, but there were
several reasons not to. If the lawsuit became too complex, legally
and factually, the Court might refuse to certify it as a class action. Limiting
the issues made it more likely we could get at least some investors into
Court. There were also practical limits on our ability to manage such
a large proceeding. Lastly,
it appeared to us at the time that Great Pacific might not have had the resources
to satisfy 100% of the Nanaimo and Parksville losses,
if we succeeded at trial. Adding additional pools of claims and investors
from other projects would have further diluted any potential recovery for
the Nanaimo and Parksville investors, and possibly have put us in a conflict
of interest between competing groups of investors.
Is anyone else suing over Quail Ridge or other Multimetro projects?
We are unaware of any other lawsuits relating
to other Multimetro projects. We do not currently expect to commence
any further lawsuits relating to Multimetro, and it is questionable whether
such an action could legally or practically be started now, given the passage
of time.
What information do you need from me?
Please fill out and return to us the Settlement
Questionnaire. If you were living outside of British Columbia as of
September 2, 2004, please also send us a Notice to Opt In to Class Proceeding.
Do I have to pay any legal fees or other costs to participate in this
settlement?
If the settlement is approved, our firm will collect
our fees out of the settlement funds before they are distributed. No
class members will be asked to pay additional or separate fees.
If the settlement is not approved, and the action
were to be dismissed after trial, costs could only be awarded to Great Pacific
against the representative plaintiffs, Mr. Collette and Ms. Myhre. Costs
cannot be awarded against other class members.
Why do you want my SIN number?
Many of the investor addresses we received
were out of date, so some settlement packages we sent may be received by
people other than the investors to whom they were addressed. In rare
cases, those recipients might try to submit claims in the investor’s
name. However, most investors provided Great Pacific with their SIN
numbers when they purchased the Multimetro units. We can check the
SIN numbers provided in the questionnaires against the purchase records to
authenticate the claims we receive. If
you are concerned about giving us this information, you may provide a partial
SIN number if you wish.
When will the settlement funds be distributed?
If we obtain Court approval for the settlement
as expected, we hope to distribute the funds during the first three weeks
of December, 2006.
How much will I receive?
Class members will share the proceeds in proportion
to the amount each invested. We estimate that the class members will
each receive between 30 and 35% of the amount invested.
Is my share of the settlement taxable?
We cannot advise class members on the tax implications
of this settlement. It is questionable whether the settlement funds
are taxable at all, since they are being distributed as proceeds from litigation. However,
class members should discuss any concerns they might have with their accountants,
lawyers, or other professional advisors.
The investor is deceased. What do I do?
Please fill out the sections
of the Settlement Questionnaire dealing with deceased investors and return
it to us. We will contact the executor or beneficiaries listed
in the Questionnaire if we require additional information.
