NAMASTE TECHNOLOGIES INC. SECURITIES
CANADIAN CLASS ACTION SETTLEMENT
This website was updated on June 8, 2021.
Dear Class Member,
Thank you for your continued patience as we navigate through these challenges times.
We have completed the claims administration process and all Claimants have now received their Claim Determination Notice.
We are currently in the midst of due process for Claimants who have appealed our Claim Determination. The timeline to complete this process is uncertain at this point and time.
Once the appeals process is complete for these Claimants, we will be moving forward in regards to the Distribution to Authorized Claimants and we will be posting Claimant’s Pro Rata Distribution payment in their view claims profile in the online claims administration at https://www.namastesecuritiesclassaction.ca/portal.
Due to Covid, we cannot provide an accurate timeline in regards to obtaining the Court’s approval to proceed with the Distribution to Approved Claimants.
We shall be mailing cheques. Please do not send us your bank account information.
We would greatly appreciate if you do not call or email our office to inquire if we have reviewed your Claim Form or the amount of your Pro Rata Distribution payment or for timeline for payments. We are here to help on all other inquires or need for assistance.
Pursuant to the Plan of Allocation, paragraph 17:
“Once the Administrator determines that a Claimant is an Authorized Claimant, the respective number of his, her or its Qualified Shares and his, her or its Maximum Entitlement and Pro Rata Distribution from the Compensation Fund, the Administrator shall advise the Claimant of the Administrator’s decision by posting it on the Claimant’s online claim file.”
Please note that we have approved (to date and subject to the appeals) $26,719,038.48 of the $130,645,429.88 Maximum Entitlement claimed on the 8,199 Claim Forms received. The Compensation Fund will be approximately $1,500,000 CAD. Therefore, please anticipate a low Pro Rata Payment.
Pursuant to the Court approved Plan of Allocation, paragraph 34:
“No Distribution shall be made by the Administrator in respect of any amount under $100, and the name(s) of the Authorized Claimant(s) with claims under this amount shall be excluded from the Distribution List in respect of such claims.”
“Authorized Claimant” means a Class Member who: (i) submitted a properly completed Claim Form with the calculation of their Maximum Entitlement and all required Supporting Documentation to the Administrator on or before the Claims Bar Deadline; and (ii) is eligible to receive a Distribution from the Compensation Fund;
“Approved” denotes that you are deemed to be an Authorized Claimant pursuant to the Plan of Allocation:
“Amended Approved” denotes that you are deemed to be an Authorized Claimant but that your Claim Form has been amended pursuant to the Plan of Allocation. You will be provided fifteen-days (15) to Appeal the Claims Administrator’s Claim’s Determination from the date of the Amended Approved Notice. The Appeal’s process will be provided in the Amended Approved Notice;
“Claimant” means a Class Member who submits a properly completed Claim Form with the calculation of their Maximum Entitlement and all required Supporting Documentation to the Administrator on or before the Claims Bar Deadline;
“Compensation Fund” means the Settlement Amount less Class Counsel Fees, Administration Expenses and the Honorarium;
“Distribution” means payment to Authorized Claimants in accordance with this Plan of Allocation, the Agreement and any order of the Court;
“Distribution List” means a list containing the name and address of each Authorized Claimant, the calculation of his/her/its net loss and the calculation of the Authorized Claimant’s pro rata share of the Compensation Fund;
“Rejected” denotes that your Shares are not eligible and/or that you failed to provide the required Supporting Documentation. You will be provided fifteen-days (15) to Appeal the Claims Administrator’s Claim’s Determination from the date of the Rejection Notice. The Appeal’s process will be provided in the Rejection Notice.
“Pro Rata Distribution” means the Distribution per dollar of Total Damages;
“Total Damages” means the aggregate of all Authorized Claimants’ Maximum Entitlements;
It is important that Class Members and Claimants check the website and/or log into the online claims administration portal on a regular basis for updates in regards to the claims administration and their individual Claim Form.
Please take-care of yourself and others.
Trilogy Class Action Services
If you have forgotten your password, please follow the steps below:
- Click on Forgot your Password on the Login Page.
- Enter the email address you used to register for the portal, or the one you put on your paper Claim Form that was submitted via fax or postal mail. Press “Recover Account”. A password reset email will be sent to your inbox with instructions on how to change your password. Please check your junk/spam folder if you do not see the email in your inbox within 10 minutes.
Please note: if you did not have an email address at the time of submitting your Claim Form, or you have since changed your email address and no longer have access to the previous email address, please send Trilogy an email with the updated email address, and will will assist you. You may be required to answer verification questions to confirm we have the correct individual.
Please take care of yourself and others.
Trilogy Class Action Services