#Class Action #Canada #Toronto #Settlement #Ithaca Energy

Overview of Ithaca Energy Limited Class Action Settlement

On May 15, 2025, a significant notice was released regarding the proposed settlement of the Ithaca Energy Limited securities class action. This class action affects individuals who purchased common shares in Ithaca Energy Inc., now known as Ithaca Energy Limited, from October 9, 2014, until February 24, 2015. The notice is directed towards all potential class members, excluding certain defendants associated with the case.

Purpose of the Notice

This notice aims to inform class members about the settlement reached in the class action suit, which still awaits approval from the court. Details are provided about the rights of class members, including their ability to participate in the court proceedings to approve the settlement.

Background of the Action

The class action lawsuit commenced on May 26, 2015, in the Alberta Court of King's Bench. It involved investors who acquired Ithaca common shares during the specified period, asserting that the company made false statements regarding its offshore oil and gas operations. Specifically, these claims focused on modifications to the FPF-1 floating production facility and projected revenues from the Greater Stella Area. Importantly, Ithaca Energy has denied these allegations firmly.

Proposed Settlement Terms

The proposed settlement involves Ithaca's insurer agreeing to pay CAD $9 million as the settlement amount. This would cover all claims against Ithaca related to the lawsuit. After deducting expenses such as administrative costs, legal fees, and taxes, the net settlement amount will be allocated to eligible class members according to a court-approved distribution plan. The full settlement agreement and plan details can be accessed through affiliated websites for further review.

If approved, this settlement will conclude all claims asserted in the action, allowing for a dismissal of the lawsuit. A follow-up notice will be issued containing specific instructions for class members on how to file for their claims and pertinent deadlines.

Upcoming Approval Hearing

An essential aspect of this notice is the upcoming court hearing set for August 7, 2025, at 2:00 PM, which will take place via videoconference. This session will review and decide on the approval of the settlement, alongside the associated legal fees and expenses. Class members do not need to attend in opposition to the settlement but can submit objections beforehand if they wish.

Individuals seeking clarification or wishing to object must submit their responses by July 11, 2025. Objections must include several details such as personal information, the number of shares held, the nature of objections, and intentions regarding appearance at the hearing.

Legal Representation

The lawyers representing the class will seek approval for fees amounting to 30% of the total settlement amount, in line with standard practices for similar lawsuits. Their compensation is essential for covering legal expenditures incurred throughout the litigation process.

Conclusion

This class action settlement represents a critical resolution for affected investors in Ithaca Energy Limited. As the approval hearing approaches, class members should consider their rights thoroughly. For additional inquiries, those affected can reach out to the lawyers involved to ensure they are adequately informed as the situation unfolds. The importance of understanding detailed procedures and rights can significantly impact personal outcomes in these class action scenarios.