Plaintiffs v CP Ships
Siskinds LLP announces $12.8 million settlement of the CP Ships Securities Class Action
Siskinds LLP has announced that the parties to the CP Ships securities class action have entered into an agreement to settle the claims of the class members. The plaintiffs in the class actions alleged that CP Ships and certain of its officers and directors misrepresented the financial results of the company over a period of nine consecutive quarters, and thereby caused the market prices of the company's securities to become inflated.
The agreement, which remains subject to Court approval in Ontario and Quebec, provides for a gross settlement fund of CAD$12.8 million for Canadian citizens and residents who purchased securities of CP Ships between January 29, 2003 and August 9, 2004.
Commenting on the settlement, Siskinds partner Dimitri Lascaris said "this settlement compares very favorably to the settlement reached in a parallel class action in the United States. The claims in that action were settled for US$1.3 million following a dismissal of the action by the United States District Court for the Middle District of Florida."
For further information regarding the settlement, please contact:
Monique Radlein of Siskinds LLP
(800) 461-6166, Ext. 7868
email at monique.radlein@siskinds.com
