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A partial settlement has been reached in a class action lawsuit regarding the decline of the pension plan of members at Jack Cooper (formerly Allied Systems). Information about the lawsuit and the partial settlement can be viewed below.
This class action lawsuit is brought by Brian Chapman, a long time active Member and now former active Member of the Eastern Canada Car Carriers Pension Plan (“ECCCPP”), as representative plaintiff on behalf of all class members.
The lawsuit alleges that the ECCCPP experienced a significant decline in its solvency ratio over the years from January 1, 2000 – March 13, 2006. On or about August 13, 2007 the Board of Trustees of the ECCCPP announced reductions in service benefits, accrued benefits, bridge benefits, and pensions for retired members in order to address the financial deterioration of the Plan. The alleged negligence and/or breach of trust of the defendants is said to have caused or contributed to the extent of the reduction in benefits and service credits required to address the financial position of the Plan.
The class action was recently certified against the defendant trustees, administrators, and actuaries alleged to have been negligent in the administration of the ECCCPP.
Mr. Chapman and the defendants Benefit Plan Administrators Limited and David N. Harvey entered into a Settlement Agreement on or about February 14, 2014, settling the action as against those two defendants only. The Settlement Agreement is subject to approval of a judge of the Ontario Superior Court of Justice.
Mr. Chapman intends to continue to prosecute the action against the remaining defendants.
To download the Notice of Certification and Notice of Pending Motion for Settlement Approval, click here.
