Newspaper article The Canadian Press

Ont. Court Approves Home Capital Class-Action Lawsuit Settlement

Newspaper article The Canadian Press

Ont. Court Approves Home Capital Class-Action Lawsuit Settlement

Article excerpt

Home Capital class-action settlement approved

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LONDON, Ont. - Embattled alternative mortgage lender Home Capital Group (TSX:HCG) is another step closer to rebuilding after an Ontario court approved the settlement of a $29.5 million class-action lawsuit by investors.

Shareholders pulled away from the Toronto-based company earlier this year following allegations by the Ontario Securities Commission of misleading disclosure.

Monday's class-action settlement follows a separate OSC settlement approved earlier this month, in which Home Capital and three former executives agreed they failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the lender.

About $11 million of the payments being made to the OSC will go toward the $29.5-million, class-action settlement. …

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