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Sino-Forest underwriters ordered to pay C$32.5 million to settle suit
By Angela McDaniels
Tacoma, Wash., Nov. 12 – Some underwriters for one or more of Sino-Forest Corp.’s public offerings of shares and notes have been ordered to pay C$32.5 million to settle a class action lawsuit.
The underwriters are Credit Suisse Securities (Canada), Inc., TD Securities Inc., Dundee Securities Corp., RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., Canaccord Financial Ltd., Maison Placements Canada Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Inc.
Regional senior justice Geoffrey Morawetz made an order approving the settlement on Oct. 30, and the Ontario Superior Court of Justice has since approved the settlement, according to a news release from Siskinds LLP and Koskie Minsky LLP, class counsel.
The class action alleges that Sino-Forest and some of its directors and officers, auditors and underwriters misled investors concerning the company’s business and accounting.
The plaintiffs include the Trustees of the Labourers' Pension Fund of Central and Eastern Canada and the Trustees of the International Union of Operating Engineers Local 793 Pension Plan for Operating Engineers in Ontario.
The litigation continues against the other defendants in the class action, including Sino-Forest, its former officers and directors and its former auditor BDO Ltd.
Toronto-based Sino-Forest was a commercial forest plantation operator in China. It implemented its plan of compromise and reorganization under the Companies’ Creditors Arrangement Act and Canada Business Corporations Act on Jan. 30, 2014.
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