Settlement Approved for Ithaca Energy Limited Securities Class Action

On December 11, 2025, a significant legal development took place concerning Ithaca Energy Limited, previously known as Ithaca Energy Inc. A class action settlement has been approved by the Alberta Court of King’s Bench, affecting all individuals who bought Ithaca’s common shares during a specific period. This notification is essential for investors as it details vital information about submitting claims for compensation.

Background of the Case

The class action lawsuit was initiated on May 26, 2015, representing investors who purchased shares of Ithaca Energy in the secondary market on or after October 9, 2014, and retained these shares until February 24, 2015. Plaintiffs alleged that Ithaca made false representations regarding its operations in offshore oil and gas, particularly focusing on its floating production facility and production projections for the Greater Stella Area. Ithaca Energy has consistently denied these allegations.

The case was filed under the title Stevens v. Ithaca Energy Inc. and involved claims of misleading information that could have influenced the investment decisions made by class members.

Details of the Settlement

Under the approved settlement, Ithaca’s insurers are required to pay a total of CAD $9 million, which will serve as the entire compensation deal for the claims against Ithaca. The total amount will first cover Class Counsel Fees, estimated at 30% of the settlement amount, including necessary disbursements and taxes. After these deductions, the net settlement sum will be distributed to eligible class members based on a court-approved allocation plan.

For those interested in the specifics, details about the Settlement Agreement and the Plan of Allocation can be accessed through the links provided in the official notification. The transparency of this process aims to ensure that all affected shareholders are properly informed and assisted in accessing their rightful compensation.

Compensation Claims Process

Class members are urged to act swiftly, as the window to submit claims for compensation is closing soon. To participate in the settlement, each eligible investor must complete a Claim Form by January 5, 2026. The form can be found online through the provided links or obtained directly by contacting the settlement administrator via phone. Internet access is crucial; however, paper forms can be requested for those without online capabilities.

The claims are to be processed by Berger Montague (Canada) PC, who have been appointed as the administrator of this settlement. They are responsible for ensuring the equitable distribution of funds derived from the settlement amount to the eligible claimants.

Class members can seek further clarification on the claims process or any legal inquiries by reaching out to the specified legal representatives listed in the notice. Remaining proactive in this process is essential, as failure to submit necessary documentation by the deadline will result in forfeited compensation opportunities.

Conclusion

The approval of this settlement signifies a pivotal outcome for Ithaca Energy's investors, providing a chance for restitution amid claims of misleading conduct. It serves as a reminder for shareholders to remain vigilant and informed about their rights and the mechanisms available for protecting their interests in challenging situations such as this. All individuals who believe they are affected should prioritize submitting their claims promptly and stay updated with all communications regarding the settlement.

This settlement may not only assist those directly impacted, but it also highlights the importance of accountability in corporate governance and the need for transparent investor relations. As developments unfold, stakeholders and investors alike will be watching closely to ensure fair treatment and adherence to the terms of the agreement.