Settlement Reached in Northland Resources S.A. Securities Class Action

LONDON, ON, Nov. 1, 2022 /PRNewswire/ -- A Settlement has been reached in a Class Action lawsuit against Northland Resources S.A. ("Northland") and certain of its former directors and officers (the "Defendants"). To be a member of this Class Action, persons or entities, wherever they may reside or be domiciled, must have acquired Securities in Northland between April 1, 2012 and January 23, 2013 and have held some or all of those Securities as of January 23, 2013.

The proposed Settlement, in the amount of EUROS 7,550,000.00, resolves the case in its entirety. In exchange, the Defendants will be provided with a full release of claims against them. The Settlement is not an admission of liability, fault or wrongdoing but is a compromise of disputed claims. The Settlement must be approved by the Court before it becomes effective.

Northland declared Bankruptcy in 2014. The company no longer operates and it has no assets following a bankruptcy liquidation. The Settlement recoveries are payable from certain limited securities-related insurance coverages that were in place prior to the bankruptcy. The Settlement recoveries include the full limit of Northland's securities-related insurance coverage (EUROS 5 million), plus the full amount of the Defendant director's and officer's calculated exposure under liability limits contained in Ontario securities law and amounts for legal costs and costs of notice and administration.

The plan for distributing the Settlement Funds to Class Members must also be approved by the Court before payments can be made. The proposed plan is posted for review at www.northlandclassaction.com.

A hearing has been set to approve the Settlement Agreement, the proposed plan of distribution, and the fees, disbursements and applicable taxes of Class Counsel. The hearing will be held on January 5, 2023 at 10:00am.

Class Members have the right to submit comments or objections for consideration by the Court in respect of the Settlement, the plan of distribution for the Settlement Funds and the fee request of Class Counsel. The deadline for those comments is December 30, 2022.

The dates for making claims for compensation from the Settlement Fund will be published through a separate notice as soon as possible after the Court approves the Settlement Agreement and the plan of distribution. Updates and information about how to make a claim will be posted as soon as they are available at www.northlandclassaction.com. If you would like to be provided with direct notice of the opening of the claims process, please register on the Settlement website.

If you are a Class Member who wants to be included in the Class Action, you do not need to do anything. If you do not want to be included in this Class Action, you must exclude yourself by completing the Opt-Out Form found at www.northlandclassaction.com and submitting it to Class Counsel by December 30, 2022.

For more detailed information, and to view the Settlement Agreement and the Court-approved notices, please visit www.northlandclassaction.com.  

Media Contact: Foreman & Company, Jonathan Foreman, jforeman@foremancompany.com 

Foreman & Company represents Class Members in this case. Based in London, Ontario, Foreman & Company has more than 20 years' experience in class action litigation and expertise in a full range of class action matters.