Canadians could get money from $38.25-million CAE settlement
Eligible Canadians could finally claim money from a settlement in an ongoing lawsuit against a Canadian technology company.
The lawsuit against CAE Inc., a Quebec-based manufacturing and technology company, alleges that the company misled investors about its business, leading some shareholders to buy shares at artificially inflated prices. The company has denied any wrongdoing but agreed to a proposed $38.25 million settlement pending approval from the court.
The allegations
cae.com
The class-action lawsuit was launched on June 10, 2024, by Scott+Scott CA ULC and Belleau Lapointe LLP against CAE Inc. and two of its executives, Marc Parent and Sonya Branco.
The lawsuit alleges that CAE failed to share important business information and released documents and public statements containing false or misleading information.
It also claims CAE didn’t tell investors about a significant change in its business, operations, or financial situation. This allegedly left shareholders without the full picture and caused the company’s common shares to trade at artificially inflated prices between Aug. 10, 2022, and May 21, 2024.
Once the information came to light, CAE’s share price dropped, “causing significant damage to the members of the proposed class,” according to the lawsuit.
CAE and the other defendants deny all allegations of unlawful conduct, liability, wrongdoing, or fault. However, the company has agreed to a $38.25 million settlement to resolve all claims.
Are you eligible?
MargoSecret/Shutterstock
You could file a claim to receive money from the settlement if you bought one or more shares of CAE Inc. between Aug. 10, 2022, and May 2024, and held some or all of those shares between Feb. 14 and May 22, 2024.
How much could you receive?
Details about how much you could receive have not been specified yet. Although the court still needs to approve the settlement amount, class members are urged to file their claims now. They’ll be required to prove their identity and provide additional documentation to receive compensation.
The hearing will be held on Dec. 22, 2026, and the deadline to submit a claim is March 22, 2027.
Visit the claims website for more information.
Some Canadians could also be part of a newly filed class-action lawsuit against Crime Stoppers, Chocmod Canada Inc., and CIBC.