As I said earlier, there have been very few securities class actions in Canada. Although each case must be decided on its own facts, I note that a net recovery of 21.55% is consistent with Mondor v. Fisherman (YBM securities class action) where the net recovery for the secondary market class represented 20% of the net loss. In all likelihood, the net recovery will be greater than 21.55% as the assumptions include the unlikely scenario of a 100% take-up rate and the expenditure of the maximum amounts of the fixed fees payable to the Administrator, Referee and Class Counsel Representative. These amounts are reasonable as is the amount allocated to the notice program. I am satisfied that the settlement terms are fair and reasonable. Recommendation and Experience of Counsel
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