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Fantl v ivari, Court File No.: 06-CV-306061-CP

The Plaintiff and the Defendant, ivari, formerly Transamerica Life Canada (together, the “Parties”) have agreed to settle this class action for the all-inclusive amount of $7 million CAD. The settlement was reached following years of litigation and subsequent negotiations between the parties with the assistance of a retired judge (mediator). The agreement to settle this matter does not imply any liability, wrongdoing, or fault on the part of ivari, none of the allegations against ivari have been proven and ivari expressly denies any liability, wrongdoing, or fault.

The Plaintiff’s Statement of Claim alleges that the Defendant made commitments or representations related to the Can-Am Fund replicating the performance of the S&P 500 Total Return Index on a best efforts basis. The Can-Am fund was available as an investment option through a number of different insurance policies offered by the Defendant. The alleged commitments and representations were either: i) express contractual commitments in the Class Members’ written insurance contracts or (“Contract Class Members”); or ii) representations (not contractual promises) contained in the “summary information folders” that were provided to Class Members in connection with their application for their insurance contract (Class Members with for whom the alleged commitments and representations are found only in the summary information folders are “Misrepresentation Class Members”).

This website contains important information about the class action, the proposed Settlement, and summarizes your rights and options.

 

The settlement is subject to the approval of the Court, which will decide whether the settlement is fair, reasonable, and in the best interests of Class Members. The Court will hold a hearing, via Zoom, to decide whether to approve the settlement on December 11, 2023.

 

The Court will decide whether to approve or reject the Settlement as proposed. It does not have the authority to unilaterally change the material terms of the Settlement. If the Court does not approve the Settlement, the lawsuit will continue. If the lawsuit continues, it may take several more years to complete the pre-trial procedures, trial, and possible appeals. The Class may or may not be successful at trial and, even if successful, the trial of the common issues would not result in payments of any compensation to Class Members.  Any compensation available to Class Members would need to be decided in a subsequent individual issues phase of this proceeding after the common issues trial.  Any compensation awarded to Class Members following the individual issues phase would not necessarily be greater than, and might possibly be less than, the compensation available under this proposed Settlement.

 

For additional information, please read the FAQ or view the Notice of Proposed Settlement available here.

Important Deadlines:

• Objection Deadline: The deadline to submit an objection has now passed.
  
  
• Settlement Approval Hearing: The Court will decide whether to approve the proposed Settlement at a hearing on December 11, 2023.

 

Who are the Class Members?

 

Class Members are: All persons that satisfy the following court-approved class definition and who did not validly opt-out of this class proceeding:

1. In respect of the claim for breach of express terms of contract and related relief requested as set out in the Claim, All persons in Canada or elsewhere who were invested in the Can-Am Fund after December 30, 1997 under IMS III contracts of insurance with revisions dates, 11/94, 02/95, 09/95 and 11/96 and IMS RRIF contracts of insurance with revision date 10/95 offered by NN Life Insurance Company of Canada or Transamerica Life Canada, excluding any claims by beneficiaries statue-barred by absolute limitation period as follows: Any beneficiaries to whom a death benefit was paid prior to December 29, 2002 under a contract of insurance issued in the Provinces of Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Nova Scotia, or Prince Edward Island (defined as “Contract Class Members”).
   
   
2. In respect of the claim for negligent misrepresentation and related relief as set out in the Claim, All persons in Canada or elsewhere who were invested in the Can-Am Fund after December 30, 1997 under contracts of insurance offered by NN Life Insurance Company of Canada or Transamerica Life Canada where the corresponding summary information folder or information folder contained a best efforts replication statement (whether in English or in French) (defined as “Misrepresentation Class Members”).

 

What are my rights and options?

• If the Court approves the proposed Settlement, no Class Member shall be required to make a claim or provide evidence regarding their individual allocation.  Instead, each relative share of the Net Settlement Fund allocated to a qualifying Class Member shall be calculated on the basis of that Class Member’s Can-Am Fund transaction data that is already in the possession of the Defendant.
  
  In order to communicate with you better and, in the event this Settlement is approved, and to assist in the mail-out of cheques, Class Members are requested to confirm or update their contact information by sending an email to the proposed settlement administrator Epiq Class Action Services Canada, Inc. at info@canamfundclassaction.ca or through the change of address link here.
  
  
• The deadline to submit an objection to the Court was November 30, 2023.

 

Who is Class Counsel and how do I get more information?

The law firm representing the Class Members (Class Counsel) is Roy O’Connor LLP, and its contact information is set out below. You will not be charged for contacting these lawyers for more information. If you want to be represented by your own lawyer, you may hire one at your own expense.

Roy O’Connor LLP

Barristers

Attn: James Katsuras

1920 Yonge Street, Suite 300

Toronto, ON M4S 3E2

Telephone: 416-362-1989

Email: info@royoconnor.ca

 

For more information about the proposed Settlement, please view the Documents page or contact:

CAN-AM Fund Replication Class Action

c/o Epiq Class Action Services Canada, Inc.

PO Box 507 Station B

Ottawa, ON K1P 5P6

Toll-Free Telephone: 1-877-590-8351

Email: info@canamfundclassaction.ca