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Ithaca Energy Limited Class Action Settlement Details

In a recent announcement dated September 15, 2025, a significant legal event was revealed—the settlement approval of a class action lawsuit against Ithaca Energy Inc., now known as Ithaca Energy Limited. This ruling, sanctioned by the Alberta Court of King’s Bench, is pertinent for individuals and entities who purchased Ithaca's common shares in the secondary market from October 9, 2014, and held those shares until the market close on February 24, 2015.

Background of the Class Action

The class action lawsuit was initially filed on May 26, 2015, by investors who alleged that Ithaca had misrepresented crucial information regarding its offshore oil and gas operations, particularly related to its floating production facility and production projections for the Greater Stella Area in the Central North Sea. Ithaca has consistently denied these allegations. The lawsuit was officially listed as Stevens v. Ithaca Energy Inc. in the Alberta Court of King’s Bench, with court file number 1501-05830.

Settlement Approval

In August 2025, Justice Neufeld ruled to approve the settlement. The terms specify that Ithaca's insurers will compensate a total of CAD $9 million, settling all claims functionally derived from the alleged misrepresentations outlined in the lawsuit. Importantly, the settlement will not be viewed as an admission of liability on Ithaca’s part.

Distribution of Settlement Funds

The approved plan will allocate 30% of the settlement amount to cover Class Counsel Fees, which includes out-of-pocket expenses. The remaining funds will be distributed to the class members according to the Court-approved Plan of Allocation, further detailed in the settlement agreement accessible through the law firm’s website.

Making a Claim

To benefit from this settlement, all Class Members must submit a completed Claim Form by January 5, 2026. The Claim Form can be downloaded from the provided links on the law firm’s website or obtained by directly contacting the settlement administrator. Failure to submit the form by the deadline will result in forfeiting any claims to the settlement.

Contact Information for Queries

Class members seeking further clarification regarding the claim process can contact Berger Montague at their Toronto office, providing a dedicated channel for assistance. This law firm has been appointed by the court to administer the settlement, overseeing the processing of claims and determining eligibility for compensation.

The settlement agreement stands as a crucial development not just for Ithaca investors but also for the broader implications it holds for transparency and accountability within the oil and gas sector. As the legal landscape evolves, instances like these reinforce the importance of investor rights and the judicial recourse available to ensure they are upheld.

For anyone affected by this class action, the upcoming deadlines and processes are of utmost importance. Ensuring all necessary documentation is submitted will allow involved parties their rightful opportunity to benefit from the settlement. Monitor the instructions carefully to navigate through the claims process smoothly.