CALGARY, Alberta--(BUSINESS WIRE)--On November 28, 2024, the Plaintiff and the Defendants reached a proposed settlement of the class action in Ganong v. Northwynd, which will provide compensation to investors in the Northwynd Real Estate Investment Trust (the "Northwynd REIT").
On December 7, 2018, Burnet, Duckworth & Palmer LLP of Calgary, Alberta ("Class Counsel") filed a class action lawsuit in Alberta on behalf of individuals who held Series A and B trust units in the Northwynd REIT for any period of time between June 3, 2014 and the termination of the Northwynd REIT on January 16, 2017.
On September 21, 2021, Justice R. A. Neufeld of the Alberta Court of King's Bench issued a Certification Order certifying the class action against the trustees of the Northwynd REIT, various companies that held or managed property for the Northwynd REIT and its unitholders, and certain individuals who ran those companies.
The Parties have now agreed to a settlement whereby the Defendants will pay compensation to unitholders in the Northwynd REIT. The settlement is subject to court approval and a hearing will be held on December 19, 2024 in Calgary for approval.
The Settlement Agreement and information on the settlement can be found at northwyndclassaction.com.
