Dear Crocus Shareholder,
I am writing to provide a brief update on the class actions. Assuming most shareholders do not opt out, the settlements become final on June 23. The defendants then pay up by July 7. The Receiver plans to make an initial distribution thereafter.
Assuming the settlements become final, we will be asking the court for approval of our fees on June 25. You will not be getting a bill from us. Any fee approved by the court will not reduce the money already in your account. Under our fee agreement, the legal fee is 33.33% of the settlement funds plus GST and disbursements. The court will decide whether the fee agreement is reasonable based on its assessment of the work we have done. If you have further questions, please do not hesitate to contact me, or refer to our website where we have posted our fee agreement along with other court documents.
Barristers & Solicitors
100 King Street West
Toronto, ON, M5X 1C9