Siskinds LLP and Koskie Minsky LLP announce court approval of $117 million settlement with Ernst & Young LLP in Sino-Forest

Siskinds LLP and Koskie Minsky LLP announce court approval of $117 million 
settlement with Ernst & Young LLP in Sino-Forest class action 
TORONTO and LONDON, ON, March 20, 2013 /CNW/ - Siskinds LLP and Koskie Minsky 
LLP, class counsel in the Sino-Forest class action, are pleased to announce 
that the Ontario Superior Court of Justice has approved a C$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 agreement provides for Ernst & Young to pay C$117 
million in settlement of all claims arising from its dealings with Sino-Forest. 
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. 
In approving the settlement, the Ontario Superior Court of Justice stated in 
its decision released today that "the Ernst & Young Settlement is fair and 
reasonable" and it "provides substantial benefits to relevant stakeholders". 
The manner of allocation of the settlement proceeds to Class Members will be 
determined by the Court at a later date. 
The class action alleges that Sino-Forest, certain of its directors and 
officers, auditors and underwriters misled investors concerning the business 
and accounting at the collapsed timber trader. The plaintiffs include the 
trustees of the Labourers' Pension Fund of Central and Eastern Canada and the 
trustees of the International Union of Operating Engineers Local 793 Pension 
Plan for Operating Engineers in Ontario. 
The Siskinds securities class actions team has offices in London, Toronto, 
Montreal and Québec City. The team, comprised of 15 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 LLP, based in Toronto, is one of Canada's leading firms in the 
areas of class actions, trade union labour law, employment Law, civil 
litigation and pension & benefits. Its class actions team, led by Mr. Kirk 
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. 
Media contacts: A. Dimitri Lascaris (519) 660-7844 
SOURCE: Koskie Minsky LLP 
To view this news release in HTML formatting, please use the following URL: 
CO: Koskie Minsky LLP
ST: Ontario
-0- Mar/20/2013 22:39 GMT
Press spacebar to pause and continue. Press esc to stop.