FAQS

Why is this a class action?
What is this class action about?
Why did I get the Notice?
Why is there a Settlement?
How do I know if I am part of the Class?
Are there exceptions to being included in the Class?
What does the Settlement provide?
How much will my payment be?
How can I get a payment?
How do we submit a claim if we are joint beneficial owners?
What documentation is typical and sufficient?
What documentation must I submit if the shareholder is deceased?
What is the account number?
What is the difference between primary and secondary market?
Must I include or exclude the brokerage commissions in the totals?
Will I be notified if my claim is deficient?
I do not agree with my claim decision, what can I do?
When will I receive payment?
What if I do not agree with the Settlement Agreement or Class Counsel’s requested fees and disbursement?
What if I want to exclude myself from the Class Action and Settlement (“Opt Out”)?
Do I have a lawyer in this case?
How will the lawyers be paid?
What happens if I do nothing at all?
How will my compensation be calculated?
What is the CUSIP (Committee on Uniform Security Identification Procedures) for Baffinland securities?

1. Why is this a class action?

In a class action, one or more persons or entities (in this case, Class Representatives), sue on behalf of people and entities who have similar claims. Together, these people and entities are a “class,” and each is a “Class Member.” Bringing a case, such as this one, as a class action allows the adjudication of many individuals’ similar claims that might be too small to bring economically as individual actions. One court resolves the issues for all Class Members at the same time, except for those who exclude themselves, or “opt out,” from the class. In this Action, the Court has appointed Peter Rooney and Archie Leach to serve as Class Representatives and has appointed Siskinds LLP to serve as Class Counsel.

2. What is this class action about?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

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.

The Settlement must be approved by the Ontario Court. A settlement approval hearing has been set for September 6, 2019 in London, Ontario. At the hearing, the Court will also address a motion to approve Class Counsel’s fees, which will not exceed 27.5% of the recovery plus reimbursement for expenses incurred in the litigation.

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.

3. Why did I get the Notice?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

Pursuant to the Settlement Agreement, eligible Class Members are all persons, other than Excluded Persons (as defined in FAQ #6) 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”.

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.

If the settlement is approved, and if you do not file a claim by this deadline, you may not be able to claim a portion of the settlement and your claim will be extinguished.

4. Why is there a Settlement?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

The Court did not finally decide in favor of plaintiffs or Settling Defendants. Instead, both sides agreed to a Settlement. That way, they avoid the risks and cost of a trial. The settlement must be approved by the Ontario Court. A settlement approval hearing has been set for September 6, 2019 in London, Ontario.

5. How do I know if I am part of the Class?

Eligible Class Members are all persons, other than Excluded Persons (as defined in FAQ #6) 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.

Note: Only BIM Securities that were tendered for sale to take-over bids by the Offerors and which were taken up by the Offerors, and BIM Securities that were otherwise disposed of on or after January 14, 2011, are eligible under the Settlement. Your holdings of BIM Securities as of September 21, 2010 and your other transactions in BIM Securities after that date will be used for purposes of calculating your Net Settlement Amount Interests under the Distribution Protocol.

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.

6. Are there exceptions to being included in the Class?

“Excluded Persons” means (1) the Defendants, and their past and present subsidiaries, affiliates, officers, directors, senior employees, legal representatives, heirs, predecessors, successors and assigns; (2) any member of the families of the individual Defendants; (3) the following individuals or entities, each of which directly or indirectly entered into a lock-up agreement pursuant to which BIM Securities were tendered to the Joint Bid: Resource Capital Fund IV L.P.; Resource Capital Fund III L.P.; RCF Management LLC; John Lydall; Walmley Investments Ltd; Gordon Watts; Michael T. Zurowski; Richard Matthews; Richard D. McCloskey; Gregory G. Missal; Ronald S. Simkus; Daniella E. Dimitrov; Grant Edey; Wide Range Mining Projects Pty Ltd, as trustee for the G&K Fietz Family Trust; Gwen M. Gareau; and Russell L Cranswick; and (4) those persons whose BIM Securities were transferred to 1843208 Ontario Inc. pursuant to the Plan of Arrangement completed on March 25, 2011, including (without limitation) the dissenting shareholders identified in Schedule “A” of the Notice of Application filed on May 17, 2011 in the dissent and appraisal proceeding commenced by 1843208 Ontario Inc. in Superior Court of Justice, Toronto Region (Commercial List), Court File No. CV-11-9222-00CL; however, such exclusion taking effect only to the extent of the BIM Securities transferred by those persons to 1843208 Ontario Inc. pursuant to the Plan of Arrangement.

7. What does the Settlement provide?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

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.

The settlement must be approved by the Ontario Court. A settlement approval hearing has been set for September 6, 2019 in London, Ontario. At the hearing, the Court will also address a motion to approve Class Counsel’s fees, which will not exceed 27.5% of the recovery plus reimbursement for expenses incurred in the litigation.

8. How much will my payment be?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

Class Members will be eligible for compensation pursuant to the Settlement if they submit a completed Claim Form, including any supporting documentation, with the Administrator, and their claim satisfies the criteria set out in the Distribution Protocol.

To be eligible for compensation under the Settlement, Class Members must submit their Claim Form no later than 11:59pm Toronto (Eastern) time on December 25, 2019 (“Claims Bar Deadline”). Only Class Members are permitted to recover from the Settlement.

If the Settlement Agreement is approved by the Ontario Court, the Settlement Amount, after deduction of Class Counsel Fees, Administration Expenses, Funding Expenses and any approved honorarium (“Net Settlement Amount”) will be distributed to Class Members in accordance with the Distribution Protocol, subject to the Ontario Court’s approval.

The proposed Distribution Protocol provides that in order to determine the individual entitlements of Class Members who make claims, interests in the Net Settlement Amount (“Net Settlement Amount Interests”) will be allocated to a claimant for each BIM Security that was tendered for sale to the Joint Bid or otherwise disposed of on or after January 14, 2011. The number of Net Settlement Amount Interests allocated to each such BIM Security depends on when the BIM Security was purchased or acquired and whether the BIM Security is a share or a warrant. Once the Net Settlement Amount Interests of all Class Members who have submitted valid claims have been calculated, each Class Member’s actual compensation will be the portion of the Net Settlement Amount equivalent to the ratio of his, her or its number of Net Settlement Amount Interests to the total number of Net Settlement Amount Interests of all Class Members who have submitted valid claims, multiplied by the Net Settlement Amount. Because the Net Settlement Amount will be distributed pro rata, it is not possible to estimate the individual recovery of any individual Class Member until all the claims have been received and reviewed.

The approval of the Settlement is not contingent on the approval of the Distribution Protocol.The Court may still approve the Settlement even if it does not approve the Distribution Protocol or approves amendments to the Distribution Protocol.

In the event any amounts remain undistributed 180 days after the distribution of the Net Settlement Amount (because of uncashed cheques or for other administrative reasons), those amounts will be distributed to eligible Class Members (if sufficient to warrant a further distribution) or allocated in a manner approved by the Ontario Court.

9. How can I get a payment?

To be eligible for compensation, Class Members must submit a completed Claim Form, including any supporting documentation to the Administrator by no later than 11:59pm Toronto (Eastern) time on December 25, 2019, and their claim must satisfy the criteria set out in the Distribution Protocol.

You can submit a claim online here. It’s fast, easy and secure.

You can alternatively submit a claim to the Administrator by email, fax or mail. Click here to download the Claim Form.

Baffinland Iron Mines Corporation Securities Class Action Settlement Administrator
c/o Epiq Class Action Services Canada Inc.
Nelson P.O. Box 20187 – 322 Rideau Street
Ottawa ON K1N 5Y5
Email: info@baffinlandclassactionsettlement.ca
Telephone: 1-833-414-8044
Fax: 1-866-262-0816

10. How do we submit a claim if we are joint beneficial owners?

Separate Claim Forms should be submitted for each such legal entity (e.g., a claim from joint owners should not include separate transactions of just one (1) of the joint owners, and an individual should not combine his or her RRSP or IRA transactions with transactions made solely in the individual’s name). Conversely, a single Claim Form should be submitted on behalf of one legal entity including all transactions made by that entity on one Claim Form, no matter how many separate accounts that entity has (e.g., an individual shareholder with multiple accounts should include all transactions made in all accounts on one (1) Claim Form).

All joint beneficial owners must sign the same Claim Form. If you purchased or acquired Baffinland securities in your name, you are the beneficial owner as well as the record owner. If, however, you purchased or acquired Baffinland securities and the securities were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial owner of the securities, but the third party is the record owner.

Agents, executors, administrators, guardians, and trustees must complete and sign the Claim Form on behalf of persons represented by them, and they must:

expressly state the capacity in which they are acting;
identify the name, account number, address and telephone number of the beneficial owner of (or other person or entity on whose behalf they are acting with respect to) the Baffinland securities; and
furnish herewith evidence of their authority to bind the person or entity on whose behalf they are acting. (Authority to complete and sign a Claim Form cannot be established by stockbrokers demonstrating only that they have discretionary authority to trade stock in another person’s accounts.)

Should it be necessary documentation such as a separation agreement may be submitted to show the agreement made between the joint beneficial owners (ie: Each entitled to 50%).

11. What documentation is typical and sufficient?

Individual Claim Submissions

An Individual Claim means an Individual or Entity submitting a claim on their own behalf or on behalf of others (e.g. agents, executors, administrators, guardians, and trustees).

If you are an Individual Claimant, you must provide all of the information with respect to all of your holdings, purchases, acquisitions, tenders for sales and dispositions of Baffinland common shares and warrants, whether such transactions resulted in a profit or a loss. Failure to report all transactions during the requested periods may result in the rejection of your claim.

You are required to submit genuine and sufficient documentation for all of your transaction(s) in and holdings of Baffinland securities. Documentation may consist of copies of broker confirmation slips, broker account statements or an authorized statement from your broker containing the transactional information found in a broker confirmation slip. The Releasees and the Administrator do not independently have information about your investments in Baffinland securities. IF SUCH DOCUMENTS ARE NOT IN YOUR POSSESSION, PLEASE OBTAIN COPIES OR EQUIVALENT CONTEMPORANEOUS DOCUMENTS FROM YOUR BROKER. FAILURE TO SUPPLY THIS DOCUMENTATION COULD DELAY VERIFICATION OF YOUR CLAIM OR COULD RESULT IN REJECTION OF YOUR CLAIM. DO NOT SEND ORIGINAL DOCUMENTS. Please keep a copy of all documents that you send to the Administrator.

Note: Only BIM Securities that were tendered for sale to take-over bids by the Offerors and which were taken up by the Offerors, and BIM Securities that were otherwise disposed of on or after January 14, 2011, are eligible under the Settlement. Your holdings of BIM Securities as of September 21, 2010 and your other transactions in BIM Securities after that date will be used for purposes of calculating your Net Settlement Amount Interests under the Distribution Protocol.

All joint beneficial owners must sign the same Claim Form. If you purchased or acquired Baffinland securities in your name, you are the beneficial owner as well as the record owner. If, however, you purchased or acquired Baffinland securities and the securities were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial owner of the securities, but the third party is the record owner.

Agents, executors, administrators, guardians, and trustees must complete and sign the Claim Form on behalf of persons represented by them, and they must:

expressly state the capacity in which they are acting;
identify the name, account number, address and telephone number of the beneficial owner of (or other person or entity on whose behalf they are acting with respect to) the Baffinland securities; and
furnish herewith evidence of their authority to bind the person or entity on whose behalf they are acting. (Authority to complete and sign a Claim Form cannot be established by stockbrokers demonstrating only that they have discretionary authority to trade stock in another person’s accounts.)

Any documentation provided must include the claimant's name and address and account number.

Please Note: The Administrator, Class Counsel or the Court reserve the right to request additional information or documentation.

Spreadsheets, charts, tax forms, handwritten information, and other documentation prepared by the claimant are not considered adequate supporting documentation.

Nominee Claim Submissions

A Nominee Claim means an institution submitting a claim on their own behalf or on behalf of other beneficial owners or a claim preparer submitting on behalf of beneficial owners.

If you are a Nominee, you must provide the following five (5) documents:

1. ONE (1) CLAIM FORM

You must complete one (1) Claimant Identification Page, (Section A on Page 2 of 8) and one (1) Certification Page, (Section F on Page 8 of 8) of a single claim form, which will serve as an "umbrella" or “master” claim form for all claims in your electronic claim submission.

The Claimant Identification Page must contain your institution contact information. The Certification Page must be signed by an authorized signatory who is listed on your signature verification document and must state the capacity (job) of the signatory.
If you are filing on behalf of multiple beneficial owners, please include your company’s name as well as the term "Various Beneficial Owners". The correct complete unabbreviated name of each beneficial owner (without honorifics) must be provided for each claim in your electronic claim submission.
Please note that only one (1) claim form is required regardless of the number of submissions.

2. ONE (1) SIGNATURE VERIFICATION DOCUMENT

You must provide a document verifying that the individual who signs the claim form and any supplemental documents is authorized to sign on behalf of his/her company.
Some common types of documents that fulfill this requirement include the following:
(Please note that some entities may have different documents that fulfill this requirement. If you cannot submit the documents listed below, you must submit an equivalent document):

- Copy of filer’s By-Laws, including signature page(s)
- Copy of filer’s Corporate Resolution, including signature page(s)
- Notarized Affidavit or signed letter on your company’s letterhead by an officer of the filing institution or company clearly granting a specific individual(s) authorization or confirming his/her authority to sign on behalf of his/her institution or company.

3.ONE (1) DATA VERIFICATION DOCUMENT

You must provide a notarized affidavit or signed letter on your firm’s letterhead which meets the following criteria:

- Confirms the number of distinct accounts and transactions in your file;
- Disclosed the source of your data (i.e. internal data retention system);
- Attests to the truth and accuracy of the transactions and holdings on your electronic file; and
- Is executed by an authorized signatory who is listed on your signature verification document, and specifies both the capacity and contact information of that signatory.

4. ONE (1) AUTHORIZATION DOCUMENT (If filing on behalf of clients or customers)

If you are an institution or claim preparer submitting on behalf of beneficial owners other than yourself, you must provide a current document verifying that you are authorized to file and sign claims on behalf of the beneficial owners of the securities.
Some common types of documents that fulfill this requirement include the following:
(Please note that some entities may have different documents that fulfill this requirement. If you cannot submit the documents listed below, you MUST submit an equivalent document):

- Power of Attorney
- Service Agreement
- Signed/dated letter on client's company letterhead specifically granting your company authority to file/sign claims on their behalf
- Notarized affidavit or signed letter on your company's letterhead confirming your authority to submit and sign claims on behalf of your clients. It must be executed by an officer of the company who is also listed on your signature verification document and reference the capacity and contact information of the signatory.

5.EXCEL SPREADSHEET CONTAINING TRANSACTIONS AND HOLDINGS

You must provide the holding and transactions of your client’s eligible securities by following the required format set out in the Electronic Filing Instructions.

Click here to download the Electronic Filing Instructions.

Click here to download the properly formatted Excel spreadsheet.

ADDITIONAL DOCUMENTATION (IF REQUESTED) - DATA INTEGRITY AUDIT
The Administrator may request random entities, as deemed appropriate by Epiq, who submit claims electronically to provide documentation to support certain transactions and/or holdings in specific claims. This data integrity audit is designed to verify the overall integrity of a data submission. Accordingly, the documentation provided must be independent in nature and sufficient to verify the validity and accuracy of the entire data submission. Even if you provided a letter/affidavit attesting to the truth and accuracy of your data when initially submitting your claim electronically, we will require specific documentary evidence (trade confirmations, monthly statement, or equivalent), to independently verify the details of the transactions and/or holdings requested, if your claim is selected for a data integrity audit.

12. What documentation must I submit if the shareholder is deceased?

Agents, executors, administrators, guardians, and trustees must complete and sign the Claim Form on behalf of persons represented by them, and they must:

expressly state the capacity in which they are acting;
identify the name, account number, address and telephone number of the beneficial owner of (or other person or entity on whose behalf they are acting with respect to) the Baffinland securities; and
furnish herewith evidence of their authority to bind the person or entity on whose behalf they are acting. (Authority to complete and sign a Claim Form cannot be established by stockbrokers demonstrating only that they have discretionary authority to trade stock in another person’s accounts.)

Any documentation provided must include the claimant's name and address and account number.

Please Note: The Claims Administrator, Class Counsel or the Court reserve the right to request additional information or documentation.

Spreadsheets, charts, tax forms, handwritten information, and other documentation prepared by the claimant are not considered adequate supporting documentation.

13. What is the account number?

The account number is the account # where the shares were purchased (should match the documentation that you are submitting).

Please note: if you are submitting a claim for multiple accounts but the same shareholder, you must only submit one (1) claim.

14. What is the difference between primary and secondary market?

The difference between the primary capital market and the secondary capital market is that in the primary market, investors buy securities directly from the company issuing them, while in the secondary market, investors trade securities among themselves, and the company with the security being traded does usually not participate in the transaction.

15. Must I include or exclude the brokerage commissions in the totals?

The commissions must be included in the total purchase and total sale amount

16. Will I be notified if my claim is deficient?

Where a Claim Form contains minor omissions or errors, the Administrator shall correct such omissions or errors if the information necessary to correct the error or omission is readily available to the Administrator.

In order to remedy any deficiency in the completion of a Claim Form, the Administrator may require and request via email or mail if an email address is not available that additional information be submitted by a Class Member who submits a Claim Form. Such Class Members shall have until the later of sixty (60) days from the date of the request from the Administrator or the Claims Bar Deadline to rectify the deficiency. Any person who does not respond to such a request for information within this period shall be forever barred from receiving any payments pursuant to the Settlement, subject to any order of the Court to the contrary, but will in all other respects be subject to and bound by the provisions of the Settlement Agreement and the releases contained therein.

17. I do not agree with my claim decision, what can I do?

1) CLAIM IS DISALLOWED IN ITS ENTIRETY (REJECTED)

Where the Administrator disallows a claim in its entirety, the Administrator shall send to the Claimant, at the email or postal address provided by the Claimant or the Claimant’s last known email or postal address, a notice advising that the claim has been disallowed and that the Claimant may request the Administrator to reconsider its decision. Any request for reconsideration must be received by the Administrator within 45 days of the date of the notice advising of the disallowance. If no request is received within this time period, the Claimant shall be deemed to have accepted the Administrator’s determination and the determination shall be final and not subject to further review by any court or other tribunal.

If the Administrator believes that the claim is fraudulent or contains intentional errors which would materially exaggerate the number of Net Settlement Amount Interests to which the Claimant is entitled, then the Administrator shall disallow the claim in its entirety.

2) CLAIM IS ALLOWED IN WHOLE OR IN PART

A Claimant is not entitled to a notice or a review where a claim is allowed but the Claimant disputes the determination of Net Settlement Amount Interests or his, her or its individual compensation.

18. When will I receive payment?

19. What if I do not agree with the Settlement Agreement or Class Counsel’s requested fees and disbursement?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

Class Members who wish to comment on, or make an objection to, the approval of the Settlement Agreement, the Distribution Protocol or the Class Counsel Fees requested shall deliver a written submission to Class Counsel no later than August 23, 2019.Any objections delivered by that date will be filed with the Ontario Court.

Class Members may attend at the hearing whether or not they deliver an objection. Class Members who wish a lawyer to speak on their behalf at the hearing may retain one to do so at their own expense.

20. What if I want to exclude myself from the Class Action and Settlement (“Opt Out”)?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

If you are a Class Member, you will be bound by the outcome of the Action, including the terms of the Settlement if approved, unless you opt out of the Action.

If you are a Class Member and wish to opt out, you must submit a written election to do so, together with required supporting documentation (“Opt Out Election”), to the Administrator.

To be valid, an Opt Out Election:

(a) must contain a statement of intention to opt out of the Action by you or a person authorized to bind you;

(b) must state the number of Common Shares and the number of 2007 Warrants held by you at the close of trading on the Toronto Stock Exchange on September 21, 2010;

(c) must contain a listing of all transactions on and after September 22, 2010 by which you purchased, acquired, sold or tendered BIM Securities, which must show, for each transaction, the type of BIM Security (Common Shares or 2007 Warrants), the number of BIM Securities and the date of the transaction;

(d) must be supported by documents to evidence such transactions, in the form of trade confirmations, brokerage statements or other transaction records acceptable to Epiq Canada;

(e) must contain your name, address, telephone number and email address; and

(f) may, at your option, contain a statement of your reason for opting out.

The Administrator must receive your Opt Out Election by no later than 5:00pm Toronto (Eastern) time on August 12, 2019 (“Opt Out Deadline”).

Opt Out Elections may be sent electronically or by mail or courier to:

An Opt-Out Election that does not contain all of the required information or is received after the Opt Out Deadline will not be valid, which means that you will be bound by the outcome of the Action, including the Settlement, if it is approved.

You may revoke an Opt Out Election by delivering to the Administrator by mail, courier or email a written statement that you wish to revoke the Opt Out Election, which must be received on or before 5:00pm Toronto (Eastern) time on August 17, 2019.

21. Do I have a lawyer in this case?

The Court appointed the law firm of Siskinds LLP to represent all Class Members. This law firm is called “Class Counsel.”

22. How will the lawyers be paid?

Update: On September 17, 2019 the Ontario Superior Court of Justice approved the settlement.

In addition to seeking the Ontario Court’s approval of the Settlement Agreement on September 6, 2019, Class Counsel will seek the Court’s approval of legal fees not to exceed 27.5% of the Settlement Amount (“Class Counsel Fees”), plus disbursements not exceeding CAD$300,000 and applicable taxes.This fee request is consistent with the retainer agreements entered into between Class Counsel and the Plaintiffs at the beginning of the litigation. As is customary in such cases, Class Counsel conducted the class action on a contingent fee basis.Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation.

23. What happens if I do nothing at all?

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.

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.

24. How will my compensation be calculated?

For more information about how a compensation will be calculated view the Distribution Protocol here.

25. What is the CUSIP (Committee on Uniform Security Identification Procedures) for Baffinland securities?

The three (3) nine-digit CUSIP numbers that are used to identify Baffinland securities are 056620107 (Common Stock), 056620115 (Warrant) and 056620131 (Warrant).