SNC-Lavalin settles class actions brought in 2012
May 25, 2018
By
CCE
The company has contributed $88 million to a settlement of both class actions.
SNC-Lavalin has, subject to required court approvals, reached a settlement agreement in relation to class actions in Quebec and Ontario filed in 2012 on behalf of security holders.
The Actions were brought pursuant to the secondary market civil liability provisions in various Canadian securities statutes.
The company has contributed $88 million to a settlement of both class actions.
In 2012, the company initiated a series of significant changes and enhancements to reinforce its ethics and compliance procedures company-wide.
These enhancements include, but not limited to, external validation of the ethics and compliance program by an independent compliance Monitor, who reports directly to the World Bank.
In a media release the company says, “The Class action lawsuit settlement is another step in resolving our legacy issues and de-risking the future of SNC-Lavalin, along with signing an administrative agreement with Public Works and Government Services Canada under the federal government’s new Integrity Regime in 2015, reaching an agreement with the Commissioner of Canada Elections and with the Ordre des ingénieurs du Québec in 2016, and reaching a fair and final settlement with Quebec’s Voluntary Reimbursement Program in 2017.”
