Platinum Equities

This is the main page for the Platinum Equities Class Action lawsuit. Check back to this specific page frequently for updates.

To all investors in the projects impacted by this class action:

UPDATE MAY 10, 2017

As we have already informed you, the Court of Appeal rejected the appeals of the 4 main appellants that sought to overturn certification.  The Platinum Defendants were ordered to provide us with the investor contact information in electronic format (give us your email addresses).  Many of you may recall that when our lawsuit was commenced, Chitra Chandran sent out a mass email to all investors advising you that our lawsuit was without merit.  We sought those email lists and are waiting for them still.  We did get some email addresses in hard copy format and we have tried to forward to everyone the Certification Notice.  Some of those emails have bounced back, although many of them went through.  So most of you should already have the notice.  So if you didn’t get the notice, we don’t have your email address.  So you can send your updated contact information to us via email.  Please send it to Jackie@mnllp.ca – but only do so if you did not get our email.

People are calling us still to complain that they are not getting notices.  Send us an email to the address above, telling us which project(s) you were in, and in what amounts, and give us your contact name for the investment, your address, and your email address you want us to use to correspond with you.  Most updates will be here, so we recommend you check here regularly.  We are not sending out monthly emails, as this matter is not progressing in a manner to justify that.  But we will update steps here and we encourage you to check here periodically for updates.  We look forward to assisting you going forward.

Attached below is the Certification Notice, in the event you did not get the email.  You should read it to inform yourself.  Please do not call us to ask questions about this form, as it explains itself if you read it.  Alberta is an opt out jurisdiction.  This means that unless you opt out, you are deemed to be part of our lawsuit.  If you wish to opt out, it means you need to fill in the form and send it to us.  You don’t have to send us the form if you want to be part of our lawsuit.  If you opt out, you will not participate in any award or settlement of our lawsuit, if such occurs.  Opting out means you intend to pursue your own claim individually.

Notice of Certification and Opt Out – Justice Approved

UPDATE MARCH 20, 2017

The written reasons of the Alberta Court of Appeal have been released, confirming the certification of our action to proceed as one claim.  We are now in contact with counsel to set case management meetings to get disclosure of the missing information to comply with the original certification decision, so that notification can proceed.  We will be posting the class action notice on our website shortly.  Alberta is an opt out province.  This means that you do not have to complete the forms and send them back to us unless you want to opt out of our class action.  It means that investors do not have to do anything, and they will be deemed part of our class action litigation.  The forms will be self explanatory, but we provide this notice for you.  We will also be emailing it to those investors for whom we have email contacts.  We cannot promise your spam filters won’t reject our email of a document, so you can either find it in an email, or your junk mail, or you can come here to find it, once it is posted.  We thank you for your patience.

 

UPDATE MARCH 13, 2017

We attended at the Court of Appeal finally on March 9, 2017.  Some of the investors attended for the hearing.  At that time, 4 different groups appealed the certification decision that was granted in our class action lawsuit that certified us as a class action.  The appeals were denied.  Three members of the Alberta Court of Appeal dismissed the 4 separate appeals without oral argument from us (the Respondents in the appeals).   We are waiting for written reasons to be released and we will proceed in due course.  At this time, we cannot predict the future path of litigation and when we have more information, we will provide it via the website.

We understand this process has taken time.  We ask for your patience, as we are not in control of the court resources.  But we are continuing to press this matter forward and we will update you all when progress is made.

 

UPDATE NOVEMBER 3, 2016

 

I am writing to inform you that the Alberta Court of Appeal has granted the request for an adjournment sought by one of the Defendant counsel.  We were successful in making that adjournment occur on a peremptory basis, meaning it will go forward no matter what on March 9, 2017. As many of you have asked, the Court of Appeal is an open hearing, and you may attend March 9, 2017 at 10am at:

TransCanada Pipelines Tower, 2600, 450 – 1st St. S.W., Calgary, AB, T2P 5H1

 

We are now in the process of drafting submissions to seek a court order to compel the Defendants to pay our throw away costs of this adjournment being granted.  We will keep you posted on progress here on this page.

 

UPDATE OCTOBER 28, 2016

I am writing you to inform you all about our status.  We were certified as an omni-bus class action suit back in May of 2015.  After the decision was finalized, some of the defendants bound by that decision appealed the Certification Order.  We are currently scheduled to be going to the Court of Appeal on November 8, 2016.  It took that long to get the appeal together and filed by the defendant group.  To be clear, we are the Respondents in this appeal.  That means some of the defendants appealed the decision.  We take the position the Certifying Justice made the appropriate decision, which enables our entire group to proceed together in order to prove that you were deprived of your investment in the manner described in the Statement of Claim.

We have just been contacted by one of the Defendant groups seeking an adjournment of the hearing.  They advise that one of the lawyers at their firm that was to argue the appeal, is no longer available.  We are currently dealing with the request and will update you as we absorb that request.  We will be seeking instruction from the representative plaintiffs in each of your projects.

Please do not email or call us about this development.  We will update everyone on the website, or by email, as we can.  We know that some people were thinking of attending the appeal.  We will keep you posted of our progress, on the website.

Kevin P McGuigan

 

UPDATE – MARCH 16th, 2016

Platinum Equities Appeal Update

We now have a confirmed date for the appeal of the Certification decision of November 8th, 2016. 

 

UPDATE – MARCH 1ST, 2016

Platinum Equities Appeal Update

We have now heard from the Defendant Groups, who have brought an appeal of the certification decision we won in May 2015. At this time, the Defendants’ appeal will not likely be heard until November – December 2016 at the earliest.

We appreciate that class members are anxious to have the appeal heard and dealt with. However, this is the Defendants’ appeal, and we do not have control over the speed in which this matter progresses. We are as eager to have this matter resolved as class members but we are unfortunately not in control of the appeal.

We understand that class members are likely upset to hear of how long it will be before the Court of Appeal hears this matter and renders a decision. Nevertheless, we again ask for class members’ patience. We will continue to provide updates as they become available, but at this stage there will be minimal updates until the Defendants’ appeal is actually heard.  

-Justin Dunphy

 

 

UPDATE – FEBRUARY 15TH, 2016

Platinum Equities Appeal Update

As of the end of January 2016, we filed and served our legal briefs on the four defendant groups appealing the certification decision. We are also now in receipt of all the reply briefs of the defendant groups.

Our next step is to coordinate with all parties to set an appeal date. As of right now we do not know what the court of appeal’s availability will look like. We will know within the next few weeks and will update investors on the actual appeal date.

We appreciate class members’ patience and will hopefully have more information soon.

-Justin Dunphy

 

 

UPDATE – DECEMBER 8TH, 2015

Platinum Equities Appeal Update

We are now in receipt of the briefs of the defendant groups with respect to the Platinum Equities certification appeal.

As investors may recall, we had obtained certification of the Platinum Equities class action in May 2015. Shortly thereafter, the defendants appealed.

The defendants had until early December to provide their briefs in support of their appeal. We have two months from that date to provide our briefs in response, which would be in late January 2016.

Following the filing of briefs by both parties, we can set a date for the hearing of the appeal.

We appreciate that investors are anxious for updates and to move this class action forward. However, the appeal process is a slow one. We will continue to provide updates on the status after January 2016.

-Justin Dunphy

 

 

UPDATE – JUNE 9TH, 2015

TIER 1 INVESTOR CALL FOR CONTRIBUTIONS

As we have now moved past the certification stage of the Platinum Equities Class Action, we will require an additional contribution from Tier 1 investors. As a reminder, there are two Tiers of investors who we represent in this Class Action:

TIER 1: If you have previously contributed 1% of your total investment in all projects towards funding the Class Action, you are a Tier 1 investor. You will be entitled to a larger proportion of the eventual proceeds should the Class Action settle or we obtain a judgment against some or all of the Defendants.

TIER 2: if you have not previously contributed 1% of your investment in all projects towards funding the Class Action, you are a Tier 2 investor. You will be entitled to a smaller proportion of the eventual proceeds should the Class Action settle or we obtain a judgement against some or all of the Defendants.

For Tier 1 investors, we are asking for an additional contribution of 1% of your investment at this time. Your contribution will match the previous contribution you made towards the Class Action. Should you decide not to make any additional contribution, you will lose your Tier 1 status, and drop down to Tier 2.

We ask that contributions be made payable to “McGuigan Nelson LLP in trust” and mailed to the address below. Please note that our office address has changed from the date of the last contribution.

McGuigan Nelson LLP

Suite 205, 625 – 11th Avenue S.W.

Calgary, Alberta  T2R 0E1

Subject: Platinum Equities Tier 1 Contribution

 Finally, please include the Contribution Form when making your contribution. Click HERE to download the form or see the Downloads section on the right hand side of this page.

 -Kevin McGuigan

 

 

update – jUNE 4TH, 2015

On June 3, 2015, Justice Macleod entered an Order confirming the terms of his decision to certify our claim. On the right hand side of this page, under the “Downloads” heading, you will find the Notice to Investors and Opt out Form.  YOU DO NOT HAVE TO FILL OUT A FORM IF YOU WANT TO STAY IN THIS LAWSUIT.  Many of our investors are Tier 1 investors and are contributing to costs.  Tier 2 investors will be treated differently on any judgment or settlement, but they also do not have to fill out any forms.  In Alberta, we have “OPT OUT” legislation, which means you have to fill out the attached form if you DO NOT want to be part of this lawsuit.  So investors that wish to remain do not have to do anything.

We will be back before Justice Macleod on September 1, 2015 to speak to this matter.  At that time, we hope to get his approval of our efforts to comply with providing investors with notice of this claim.

We can also advise you that there are 4 defendant groups in this litigation.  There were certain parties from the Platinum Defendant group that were sanctioned by the Alberta Securities Commission and fairly substantial fines were imposed.  Going forward, there will be certain Platinum Defendants that will not have counsel.  We will update you as to how that impacts the litigation when we see.

We can also advise that three of the Defendant groups have filed Notices of Appeal and the fourth group has advised us they are doing so as well.  So while we will be providing you with Notice, to comply with the Class Proceedings Act, we will have to deal with the appeals.  We will keep you updated on dates as we progress and finalize those.

We know that there are a large number of class members here and we are trying to inform all of you of the progress of this matter.  However, we cannot respond to individual inquiries.  We ask you to review the website for updates, which will be posted as they are available for us to do so.

-Kevin McGuigan

 

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