#Class Action #Canada #Vancouver #Settlement #Trevali Mining

Settlement Announcement in Class Action Against Trevali Mining Corporation

In an important development for investors, a class action settlement has been reached in the case of Demmer et al. v. Trevali Mining Corporation (SCBC S-228113). This legal action was officially certified by the Supreme Court of British Columbia, signaling a significant moment for the shareholders involved.

The case revolves around claims made by shareholders who purchased common shares of Trevali Mining Corporation between October 9, 2020 and August 15, 2022. The lawsuit encompasses all individuals and entities that bought these shares in both primary and secondary markets during the specified time frame and held them until the market close on April 14, 2022, and/or August 15, 2022. It is crucial for all affected shareholders to understand their potential rights as the terms of the settlement are put forward for court approval.

Settlement Details

The proposed settlement is a comprehensive resolution that does not imply any admission of wrongdoing or liability on the part of the defendants. The total amount agreed upon for the settlement is $2.8 million, which is significant considering the implications this case has for the shareholder community. This settlement will allow the defendants to be released from all claims in exchange for this payment.

Distribution of Funds

Once the settlement amount is paid, funds will be allocated according to a distribution protocol that addresses the fees, expenses, and any related costs incurred by the plaintiffs. It's worth noting that the representatives of the plaintiffs have agreed to a success fee capped at 30%, which means that the attorneys representing the class will seek court approval for these fees during or post the settlement approval hearing. The court will ultimately decide the amount to be awarded to the class counsel for attorney fees and costs.

Your Rights as Shareholders

Automatically included in the class are those who qualify based on their shareholding during the specified periods. However, if any shareholder wishes to exclude themselves from the class, they must submit an opt-out form to the class's attorney by May 20, 2025. Those who protest against the settlement, distribution protocol, or counsel fees will also need to communicate their objections to class counsel by the same deadline.

Legal Representation

The legal representation for the plaintiffs is handled by KND Complex Litigation. They provide detailed information regarding the settlement, including opt-out forms and the settlement agreement, which can be found on their website. This transparency is essential for ensuring that all parties involved are adequately informed and understand their next steps.

What’s Next?

As the settlement awaits court approval, shareholders and interested parties should stay vigilant for further announcements regarding this case. The outcome could have far-reaching implications for how similar class actions are handled in future. Shareholders are encouraged to assess their positions and consult legal advice if necessary to make informed choices throughout this process.

This announcement has been officially sanctioned by the Supreme Court of British Columbia, ensuring that the legal framework for this settlement holds accountability and integrity.

In conclusion, this settlement not only represents a significant financial remediation for impacted shareholders but also sets a precedent for future cases involving corporate governance and shareholder rights.