Today's Brandon Blog is titled
4 Pillars Class Action Lawsuit Settlement,
Our Definitive Guide To the Pearce vs 4 Pillars Lawsuit Settlement.
On January 13, 2022, the BC Supreme Court
approved an overall Settlement
Administration Plan, which consists of several individual settlement agreements.
So now the Pearce vs 4 Pillars class action litigation
in British Columbia comes to an end with this settlement agreement.
My name is Ira Smith, President of Ira Smith Trustee & Receiver Inc.
First, we hope that you and your entire
family are remaining safe, healthy and secure during this coronavirus pandemic.
Ira Smith Trustee & Receiver Inc.
remains fully operational.
Both Brandon Smith and myself
are continuing to hold all meetings, either by telephone or video.
So shoot us a message.
Give us a phone call if you have any
questions at all, either about this Brandon's Blog or anything else at all.
We would love to hear from you.
I hope you can watch this video
until the end because I know you will get value from it.
In this Brandon's Blog, Brandon first goes back to go over
what the 4 Pillars class action lawsuit was all about.
Brandon had previously written two blogs on this issue, one in September 2019,
which explained the launching of the lawsuit and seeking certification
as a class action lawsuit in the province of British Columbia.
And then in May 2021, Brandon wrote a blog
discussing the 4 Pillars appeal
of the lower court decision to the British Columbia Court of Appeal
and the fact that the British Columbia Court of Appeal
dismissed the 4 Pillar's appeal and upheld the class action certification,
and that the lawsuit could proceed because
the matters alleged could only be decided upon a full trial of all the evidence.
Some of the allegations were that people on the brink of insolvency
paid 4 Pillars unnecessary fees and that 4 Pillars actually violated
sections of the Bankruptcy and Insolvency Act (Canada)
and that there should be civil damages arising out of that.
Brandon goes on to give a review of those
two previous blogs just to bring you up to date and why the Court of Appeal
for British Columbia found that the class action waiver clause
in every standard contract every one of their clients signed was unconscionable.
Brandon then
states what the Court of Appeal found the role of 4 Pillars actually is,
and then why the decision of the appeal
court led to 4 Pillars class action lawsuit settlement.
In his previous 2021 blog, Brandon questioned how this might affect
all the different 4 Pillars businesses across the rest of Canada
and how 4 Pillars certainly cannot let this go to trial.
Well, it seems like 4 Pillars agreed with that and felt the same way because
they reached a settlement rather than going to trial.
Now, the settlement means
that none of the allegations in the class action lawsuit were actually proven
and 4 Pillars is on record as having denied them all.
But they reached a settlement and the court approved it. Brandon then
discusses what the settlement is and provides all
the details including the $7 million settlement fund that has been set up
to pay the claims of anyone in British Columbia who was a client
of 4 Pillars and meets the class qualifications.
So I hope you will be able to read the entire blog below because I know you
will find it very informative and get value from it.
Again,
the Ira Smith Team hopes that you and your entire family are remaining safe,
healthy and secure during this coronavirus pandemic.
Ira Smith Trustee & Receiver Inc. remains fully operational. Both Brandon Smith and myself
are holding all meetings either by telephone or video.
If you have any questions at all about
this Brandon's Blog or about anything bothering you,
about your financial situation, your company's financial situation
or anything else at all. Give us a phone call.
Shoot us a message.
We would love to talk with you.