OHA Demutualization Settlement
July 2, 2010, 1:00 PM EST
This web page has been developed for the exclusive use of unionized employees and unionized former employees of the Ontario Hospital Association ("OHA") or a participating employer member as of December 29, 1997.
This proposed class proceeding concerns the approval of an agreement to distribute demutualization proceeds to current and former employees of the OHA and its member employers covered under Mutual Life Assurance Company of Canada ("Mutual Life") Group Insurance Policy Numbers 2100 and 16000 as of December 29, 1997.
OHA was the policy holder for Group Policy No. 2100 and 16000 with Mutual Life which it held for the purpose of providing long-term disability and life insurance benefits for its own employees and employees of its participating employer members. Employees paid a share of the premiums for coverage under Group Policy No. 2100 and 16000. Mutual Life advised OHA of its planned demutualization on March 15, 1999, effective December 29, 1997. This date crystallized the entitlement of policyholders, including OHA to the proceeds of demutualization. As of June 1, 2010 the OHA is holding approximately $22.5 million in demutualization proceeds in trust.
OHA established a steering committee and entered into a consultation process with its participating employers, representatives of the unions, and representatives of non-unionized employees, concerning the sharing and distribution of the demutualization proceeds. These parties reached an agreement to share in the proceeds of demutualization (the "Settlement") which this proceeding seeks to approve and implement.
The law firm of Cavalluzzo Hayes Shilton McIntyre & Cornish LLP represents the unionized members of the respondent class. To be directed to the Class Action website for the unionized employees and to review the various court documents, please click on the "OHA class proceeding" at www.cavalluzzo.com/Class-Actions.aspx. Additional inquiries can be made by calling 1-877-398-5711.
For the full details of the settlement please visit: http://www.caw.ca/en/sectors-health-care.htm (Ontario)