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Client Update re HMS Financial

Posted in: Updates // Written on behalf of Cuming & Gillespie
May 21, 2015

McLENNAN ROSS LLP / CUMING GILLESPIE LAWYERS We are very pleased to report that on October 10, 2008 we received the decision from Justice Rooke certifying our action as a Class Action as well as dismissing, with some minor qualifications, the applications by the defendant Banks to strike the action against them. We see this as a major success in the action.What does certification of the action mean? Certification is the first critical step in a Class Action lawsuit. It is what turns a regular action on behalf of only the representative plaintiffs who filed the Statement of Claim, into an action on behalf of all of the innocent investors in the HMS Scheme. This will require the Defendants to evaluate the risk against them. The claim is now a much bigger amount, as it is on behalf of the whole Plaintiff class rather than two or three individual plaintiffs. There is the possibility that the defendants, or some of the defendants, could appeal the decision. But certification of the action means that we can now begin the process of regular litigation, including exchange of documents between the parties as well as Examinations for Discovery of the major defendants in the litigation.We thank you all for your patience. We understand how slow litigation can seem, especially in cases this complicated and involving so many parties. We ask that you continue to be patient, as, while the litigation will now be able to move forward, the next steps can still be time consuming and slow moving.We will continue to update you with any news if there is anything to update you with. But please remember that we ask that you please not call or e-mail for updates. It is very time consuming and expensive for us to deal with clients seeking individual updates, so please understand that if you do not receive an update for several months, this means that there is nothing newsworthy to share with you.Thank you for your understanding.Yours truly,Lynn Dechaine (for Graham McLennan)Paralegal – LitigationMcLennan Ross LLPToll Free: 1-800-567-9200Direct Line: (780) 482-9281Fax: (780) 482-9100

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