(The following is a reformatted version of a press release
issued by Siskinds LLP and Koskie Minsky LLP and received via
electronic mail. The release was confirmed by the sender.)
SISKINDS LLP AND KOSKIE MINSKY LLP ANNOUNCE $117 MILLION
SETTLEMENT WITH ERNST & YOUNG LLP IN SINO-FOREST CLASS ACTION
TORONTO and LONDON, ONTARIO - Siskinds LLP and Koskie Minsky
LLP, class counsel in the Sino-Forest class action, are pleased
to announce a $117 million settlement with Ernst & Young LLP in
the Sino-Forest class action. Ernst & Young LLP was Sino-Forest’s auditor from August 16, 2007 until its resignation on
April 4, 2012. The class action alleges that Sino-Forest,
certain of its directors and officers, auditors and underwriters
mislead investors concerning the business and accounting at the
collapsed timber trader.
The settlement is the largest settlement by an auditor in
Canadian history, by a large margin, and is one of the largest-ever auditor settlements worldwide.
“We are proud of this historic settlement,” said Dimitri
Lascaris, partner in the Siskinds securities class actions
group, “it provides direct and immediate benefits to the Class
“Our clients are pleased with this result and we look forward to
aggressively prosecuting the action against the remaining
defendants,” said Kirk Baert, partner at Koskie Minsky.
The Siskinds securities class actions team has offices in
London, Toronto and Montreal. The team, comprised of 12 lawyers
admitted to practice in Ontario, Quebec, New York State, and the
states of Queensland and Victoria in Australia, acts exclusively
for investors. Siskinds’ securities class actions team is
complemented by lawyers in Siskinds’ affiliate, Siskinds,
Desmeules, based in Quebec City.
Koskie Minsky, based in Toronto, is Canada’s leading labour and
employment firm. Its class actions team, led by Mr. Baert, has
been a leader in class actions since 1992 and has prosecuted
many of the leading cases in the area.
The litigation continues against Allen T.Y. Chan, W. Judson
Martin, Kai Kit Poon, David J. Horsley, William E. Ardell, James
P. Bowland, James M.E. Hyde, Edmund Mak, Simon Murray, Peter
Wang, Garry J. West, BDO Limited, Credit Suisse Securities
(Canada), Inc., TD Securities Inc., Dundee Securities
Corporation, RBC Dominion Securities Inc., Scotia Capital Inc.,
CIBC World Markets Inc., Merrill Lynch Canada Inc., Canaccord
Financial Ltd., Maison Placements Canada Inc., Credit Suisse
Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith
A. Dimitri Lascaris
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