Higgerty Law Weighs in On LCC – ASC Settlement

Higgerty Law represents that CEF depositors in their representative action against the various respondents to the ABC District CEF implosion.

Today they posted the following statement to their Lutheran Church Representative Actions web page in response to the LCC ABC District – ASC Settlement.

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September 17, 2019

The hearing by Alberta Securities Commission (the “ASC”) regarding certain allegations which are relevant to this Class Action against the Respondents:

Lutheran Church–Canada, the Alberta-British Columbia District Lutheran Church–Canada, the Alberta-British Columbia District Investments Ltd. Donald Robert Schiemann Kurtis Francis Robinson James Theodore Kentel Mark David Ruf Harold Carl Schmidt

has been resolved by a Settlement Agreement and Undertaking between the ASC and the Respondents.

The Settlement Agreement and Undertaking is helpful for the CEF class action as it contains:

• an agreed statement of facts as to what transpired,
• admissions of breaches by the respondents of Alberta Securities Law,
• circumstances relevant to the Settlement,
• agreement by the individual Respondents to each make payments to the Monitor in the CCAA Proceedings for distribution to CEF and DIL Depositors as directed by the Court, and
• permanent undertakings of each Respondent not to participate in various aspects dealing with securities.

A copy of the Settlement Agreement and Undertaking can be found by clicking here.