TORONTO, ON and QUEBEC CITY, QC--(Marketwired - Feb 25, 2017) - The following statement is being issued by Siskinds LLP, Cavalluzzo Shilton McIntyre Cornish LLP, and Siskinds, Desmeules, sencrl ("Class Counsel") regarding two class actions against Manulife Financial Corporation.
Did you purchase the shares of Manulife Financial Corporation ("MFC") between January 26, 2004 and February 12, 2009?
A settlement has been reached in class actions that allege MFC misrepresented the adequacy of their risk management practices and failed to disclose the extent of the Company's exposure to equity market and interest rate risks. MFC has agreed to pay $69,000,000. The settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by MFC.
The settlement must be approved by the Ontario and Québec Courts. Settlement approval hearings have been set for April 20 and 21, 2017 in Québec City and April 28, 2017 in Toronto. At the hearings, the Courts will also address motions to approve Class Counsel's fees, which will not exceed 22.5% of the recovery plus reimbursements for expenses incurred in the litigation and applicable taxes.
Class members may express their views about the proposed settlement to the Courts. If you wish to do so, you must act by April 6, 2017. For more information about your rights and how to exercise them, see the long-form notice and the settlement agreement available online at www.Manulifesettlement.com or call toll-free at: 1-844-634-8911.