Canadians could cash in on $8-million nationwide settlement
Some Canadians could claim part of a proposed settlement if they invested in a health-care trust.
On Friday, Kalloghlian Myers LLP announced that an $8-million settlement has been reached in a class action against DRI Healthcare Trust securities.
DRI Healthcare Trust describes itself as a “pioneer in global pharmaceutical royalty monetization.”
The trust is a portfolio of 18 pharmaceutical royalties derived from the sale of 14 various pharmaceutical products that focus on eight therapeutic areas, according to its profile on Yahoo! Finance.
“The class action alleges that DRI made misrepresentations in its public disclosure,” reads the law firm’s site.
It noted that the settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by DRI Healthcare Trust or any other defendant named in the class action.
PeopleImages/Shutterstock
Who is eligible to claim a part of this proposed settlement?
According to the law firm, anyone who acquired DRI securities between Feb. 11, 2021, at 9:30 a.m. ET and Aug. 6, 2024, at 5:38 p.m. ET, and held those securities until Aug. 6, 2024, at 5:38 p.m. ET, is eligible to cash in on the proposed settlement.
It is still subject to approval by the Ontario Superior Court of Justice. An approval hearing has been set for May 22, 2026, at 10 a.m.
At the same hearing, the court will also consider a motion to approve class counsel’s fees, which won’t exceed 33.3 per cent of the settlement amount, plus reimbursement for expenses incurred by the law firm in the litigation and taxes on the fees and disbursements and payment of the 10 per cent levy to the class proceedings fund.
Those who want to object to the settlement, class counsel’s fees and disbursements, the payment of an honorarium to the plaintiff, or the distribution protocol have until May 1, 2026.
If you don’t want to be a part of the class action at all and be bound by the terms of the settlement, you’ll need to opt out by submitting a form by May 19, 2026.
For more information, check out the law firm’s site or email dri@kalloghlianmyers.com.
Check out more class-action settlements you could be eligible for this year.