Siskinds LLP and Koskie Minsky LLP Announce $117 Million

Siskinds LLP and Koskie Minsky LLP Announce $117 Million Settlement
with Ernst & Young LLP in Sino-Forest Class Action 
TORONTO, ONTARI and LONDON, ONTARIO -- (Marketwire) -- 12/03/12 --
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 Members."   
"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
Incorporated.
Contacts:
Media contacts:
Siskinds LLP
A. Dimitri Lascaris
(519) 660-7844
dimitri.lascaris@siskinds.com
Contacts:
Koskie Minsky LLP
Kirk Baert
(416) 595-2117
kbaert@kmlaw.ca
 
 
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