Baffinland Iron Mines Corporation Securities Class Action
A Settlement has been reached in the certified class action against Baffinland and other defendants. The class action alleges misrepresentations, oppression and other causes of action in connection with the take-over bid made by certain of the defendants to acquire Baffinland securities that concluded in February 2011 and Baffinland’s January 13, 2011 news release concerning the results of the feasibility study on the road haulage option for its Mary River Project.
The Settlement provides for the payment by the defendants of the total amount of CAD$6,500,000 to resolve those claims. The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by Baffinland or any of the other defendants.
On September 17, 2019 the Settlement Agreement was approved by the Ontario Superior Court of Justice.
To be eligible for compensation, Class Members must submit a completed Claim Form to the Administrator by no later than 11:59pm Toronto (Eastern) time on December 25, 2019.
Who is eligible to claim compensation from the settlement?
Eligible Class Members are all persons, other than Excluded Persons (as defined in the FAQ section) and those who validly opt out of the class action, who:
- tendered for sale BIM Securities* to take-over bids by ArcelorMittal S.A., Nunavut Iron Ore Acquisition Inc., Iron Ore Holdings, L.P., NPG Midstream & Resources, L.P., NGP M&R Offshore Holdings, L.P. and/or 1843208 Ontario Inc. (collectively, “Offerors”) and whose BIM Securities* were taken up by the Offerors; or
- otherwise disposed of BIM Securities* on or after January 14, 2011.
* “BIM Securities” means the common shares of Baffinland Iron Mines Corporation (“Baffinland”) and the share purchase warrants issued by Baffinland pursuant to a warrant indenture dated January 31, 2007 and previously listed for trading on the Toronto Stock Exchange under the ticker symbol “BIM.WT”.
“Warrants” (2007 Warrant) means the share purchase warrants issued by Baffinland pursuant to a warrant indenture dated January 31, 2007 and previously listed for trading on the Toronto Stock Exchange under the ticker symbol “BIM.WT”.
The Claims Bar Deadline in this matter is 11:59pm Toronto (Eastern) time on December 25, 2019.
Summary of Rights and Options Under the Settlement
|Submit a Claim|
The only way to receive compensation or a distribution from the Settlement is to submit a Claim.
Claim Forms must be submitted no later than 11:59pm Toronto (Eastern) time on December 25, 2019.
You can submit a claim online here. It’s fast, easy and secure.
You can alternatively submit a claim by email, fax or mail. Click here to download the Claim Form.
|Exclude Yourself (Opt Out)|
The deadline to exclude yourself from the Settlement was 5:00pm Toronto (Eastern) time on August 12, 2019.
Click here for more information.
|Comment on or Object to the Settlement|
The deadline to comment on or object to the Settlement was August 23, 2019.
Click here for more information.
|Do Nothing||If you do nothing, you automatically remain a Class Member (if you qualify) and you are bound by the Settlement Agreement. You will no longer have the right to bring forth other legal proceedings in relation to the matters alleged in the Action against the Defendants, or any person released by the approved Settlement at your own cost and you will get no compensation.|