Concordia International Corp.
Canadian Securities Litigation Class Action Settlement
This claims administration website was updated on March 22, 2021
PLEASE READ THE ENTIRE UPDATE REGARDING
DISTRIBUTION OF PAYMENTS TO
AUTHORIZED CLAIMANTS AND AUTHORIZED LATE CLAIMANTS
Click here to log in to the Portal
“Authorized Claimant” means a Class Member who: (i) submitted a properly completed Claim Form and all required supporting documentation to the Administrator prior to the Claims Bar Deadline; and (ii) is eligible to receive a Distribution from the Compensation Fund;
All cheques mailed on January 13, 2021 and returned to our post office box as of March 19, 2021 have been resent by regular mail as of March 22, 2021.
All cheques that required a stop payment and be reissued have sent by regular mail on March 22, 2021.
All wire-transfers to Authorized Institutional Claimants have been completed as of March 22, 2021. (Authorized (Institutional) Claimants in the United States, United Kingdom, Switzerland, Japan, Luxembourg, Australia and Germany).
ALL cheques must be cashed within six (6) months from the date of the cheque or July 13, 2021. No cheques will be reissued.
AUTHORIZED LATE CLAIMANTS
“Authorized Late Claimant”: The Claim Forms of Authorized Late Claimants, identified as “Late-With Permission” and “Late-Without Permission” in the Affidavit of Paul Battaglia, (President, Trilogy Class Action Services, “Administrator”) are to be treated as if they had been received prior to the Claims Bar Deadline.
The Courts, Ontario and Quebec, have accepted the recommendations of the Administrator that Claimants, identified as “Late-With Permission” and “Late-Without Permission” be permitted to participate in the Pro Rata Distribution of the Compensation Fund set aside for Authorized Late Claimants.
The Courts have ordered that the sum of $500,000 from the Settlement Amount be set aside for the pro rata distribution to Authorized Late Claimants. The Court ordered that any amount left remaining from the $500,000 for the Authorized Late Claimants is to be given to the Fonds d’aide aux actions collectives.
The Courts further ordered that the Distribution of the Compensation Fund to the Authorized Claimants and the Authorized Late Claimants as stipulated in the Plan of Allocation and calculated by Trilogy Class Actions is approved and to be paid in the manner calculated by Trilogy Class Actions, once the aforementioned sum of $500,000 for the Authorized Late Claimants has been set aside, and accordingly to the redacted list provided to the Court by Trilogy Class Actions.
We are currently processing the Authorized Late Claimant Claim Forms. We anticipate this process to continue for the next 60 days. No Distribution will be sent until this process is complete.
If you have received a Claim Determination Notice - Deficiency Notice or Claim Determination Notice - Rejection Notice, please pay attention to the time frame (March 2021 compared to March 2019).
Please take note that you only have thirty (30) days from the date of the email (March 2021) to Remedy any outstanding Deficiency. If you need assistance, or clarity on what is required of you, please press REPLY to the email you received, and we will assist you further.
If you have received a Claim Determination Notice and agree with the Administrator’s Claim Determination, there is nothing further for you to do at this time. Please continue to monitor the website for further updates. https://www.concordiasettlement.com
If you have received a Claim Determination Notice - Rejection Notice, and DO NOT agree with what has been presented to you, please follow The Procedure for Reference located within the email. Please take note that you only have fifteen (15) days from the date of the email (March 2021) to request a Reference.
DISTRIBUTION OF COMPENSATION FUNDS Pursuant to the Court approved Plan of Allocation:
Please note that the Pro Rata Payment is the only cheque you will be receiving from the Net Compensation Fund. We have verified, a minimum of two times, that the amount on the cheque is correct.
As per the explanation posted in the January 13, 2021 update (see below), the Claims Administrator approved a total of $139,366,232.84 in Maximum Entitlement Claims out of the $220,796,760.40 total amount of Maximum Entitlement filed. The Net Compensation Fund allocated to Authorized Claimants is $9,543,298.06. The Pro Rata payment is based on the calculation of the amount allocated to Authorized Claimants ($9,543,298.06) and the total in Maximum Entitlements approved ($139,366,232.84).
Please refer to the Claim Determine Notice that the Claims Administrator provided when your Claim was approved. There was an important explanation with regards to the calculation of the distribution for Authorized Claimants. In that Claim Determination Notice, you were advise that your Pro Rata Distribution payment would be calculated after all Claims Forms for Authorized Claimants were approved. Please see some of that explanation below.
Please note that the original draft of our recommendations to the Courts was prepared in February 2020. We submitted our revised recommendations to the Court in Ontario in July 2020 and then to the Court in Quebec in November 2020. Based on these submissions, the Ontario and Quebec Courts approved a pro rata distribution of 6.59%.
Subsequently, due to some Institutional Claimants requesting their Claims be withdrawn and further interest earned on the trust funds that were invested, the Claims Administrator has added $365,993.63 to the Compensation Fund for Authorized Claimants. Therefore, we are pleased to report that the pro rata payment increased from 6.59% to 6.85%
Calculation of the Distribution shall be calculated as follows and after all Authorized Claimants have been approved:
“The Distribution for each Authorized Claimant will be calculated by the Administrator by dividing the Compensation Fund by the total number of Qualified Shares for all Authorized Claimants to arrive at a per Qualified Share distribution amount defined herein as the “Pro Rata Distribution”;
The Administrator will then multiply the Pro Rata Distribution by the number of Qualified Shares held by an Authorized Claimant to arrive at the Distribution to be paid to each Authorized Claimant;”
Total Number of Claim Forms Filed: 5,719
Total Maximum Entitlement Amount Filed: $220,796,760.40
Total Number of Claim Forms Approved: 3,360
Total Maximum Entitlement Amount Approved: $139,366,232.84
Compensation Fund Total: $10,043,298.06
Compensation Fund allocated to Late Claim Forms: $500,000 (filed past the Claims Bar Deadline - “Late with Permission” and “Late Without Permission”)
Compensation Fund allocated to Authorized Claimants: $9,543,298.06
Pursuant to the Plan of Allocation, paragraph 19:
“Once the Administrator determines a Claimant’s Authorized Claimant status, the respective number of his, her or its Qualified Shares and his, her or its Pro Rata Distribution from the Compensation Fund, the Administrator shall advise the Claimant of the Administrator’s decision by posting it on the Claimant’s online claim file.”
The Distribution for each Authorized Claimant will be calculated by the Administrator by dividing the Compensation Fund by the total number of Qualified Shares for all Authorized Claimants to arrive at a per Qualified Share distribution amount defined herein as the “Pro Rata Distribution”;
The Administrator will then multiply the Pro Rata Distribution by the number of Qualified Shares held by an Authorized Claimant to arrive at the Distribution to be paid to each Authorized Claimant;
Once the Administrator determines a Claimant’s Authorized Claimant status, the respective number of his, her or its Qualified Shares and his, her or its Pro Rata Distribution from the Compensation Fund, the Administrator shall advise the Claimant of the Administrator’s decision by posting it on the Claimant’s online claim file.
“Qualified Shares” means Shares purchased or acquired during the Class Period and held until after August 12, 2016. For the purposes of determining whether or not Shares purchased or acquired during the Class Period were held until after August 12, 2016, LIFO will be used;
“Distribution” means payment to Authorized Claimants in accordance with this Plan of Allocation, the Agreement and any order of the Courts;
“Distribution List” means a list containing the name and address of each Authorized Claimant, the calculation of his/her/its net loss and the calculation of the Authorized Claimant’s pro rata share of the Compensation Fund;
“Pro Rata Distribution” means the Distribution per Qualified Share;
“Maximum Entitlement” means an Authorized Claimant’s actual loss on Qualified Shares, as calculated pursuant to the formula set forth in paragraph 8 of the Plan of Allocation.
If you require assistance, please contact and we will gladly assist you.
Thank you for your continued understanding and patience as we complete this phase of the class action.
Paul Battaglia, President,
Trilogy Class Action Services,
117 Queen Street, P.O. BOX 1000,
Niagara-on-the-Lake, ON, L0S 1J0
PASSWORD RESET FOR THE ONLINE CLAIMS ADMINISTRATION PORTAL
If you have forgotten your password, please follow the steps below:
• Click on Forgot your password on the Login Page.
• Enter the email address you used to register for the portal, or the one you put on your paper Claim Form that was submitted via fax or postal mail. Press “Recover Account”. A password reset email will be sent to your inbox with instructions on how to change your password. Please check your junk/spam folder if you do not see the email in your inbox within 10 minutes.
Please note: If you did not have an email address at the time of submitting your Claim Form, or you have since changed your email address and no longer have access to the previous email address, please send Trilogy an email with the updated email address, and we will assist you. PLEASE DO NOT CALL OUR OFFICE FOR A PASSWORD RESET. You may be required to answer verification questions to confirm we have the correct individual.