NAMASTE TECHNOLOGIES INC. SECURITIES
CANADIAN CLASS ACTION SETTLEMENT
This website was updated on August 27, 2021.
Dear Class Member,
Thank you for your patience and we hope you are well.
We have posted all “Authorized Claimants” “Pro Rata Distribution” payment to their view claims profile in the online claims administration portal.
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.”
A decision of the Administrator in respect of a claim and any Claimant’s entitlement to participate in or receive a share of the Distribution, subject to the Claimant’s right to elect to refer the decision to the Referee for review, will be final and binding upon the Claimant and the Administrator.
We are currently in the process of applying to the Court for to make “Distribution” to “Authorized Claimants”. Due to Covid, we cannot provide an accurate timeline in regards to obtaining the Court’s approval to proceed with the Distribution to Authorized Claimants.
In support of this motion, the Administrator will file the “Distribution List” with the Court in a manner that protects the privacy of persons on the Distribution List.
No Distribution shall be made by the Administrator until authorized by the Court. We will post an update when we receive approval from the Court.
Pursuant to the Plan of Allocation:
CALCULATION OF THE DISTRIBUTION AND MAXIMUM ENTITLEMENT
- The Distribution for each Authorized Claimant will be calculated by the Administrator by dividing the Compensation Fund by the “Total Damages” to calculate a per dollar of Total Damages distribution amount defined herein as the “Pro Rata Distribution”.
- The Administrator will then multiply the Pro Rata Distribution by the Maximum Entitlement for each Authorized Claimant to arrive at the Distribution to be paid to each Authorized Claimant.
Please take note of the following:
- Trilogy received 8,199 Claim Forms from 6,372 Claimants;
- Trilogy processed $52,260,356.01 in Total Damages (combined total of Maximum Entitlements) based on the Claimant’s completion of their Claim Forms;
- Trilogy approved 3,912 Claim Forms for a total of $38,700,983.47 in Total Damages (combined total of Maximum Entitlements);
- Trilogy rejected 3,157 Claim Forms for a total of $13,090,112.50 in Total Damages (combined total of Maximum Entitlements);
- Trilogy designated 1,130 Claim Forms with a Maximum Entitlement of $469,260.04 as “withdrawn” as these were deemed to be incomplete or duplicate Claim Forms;
- Net Compensation Fund in the amount of $1,260,616.85 CAD in is to be paid out in Pro Rata Distribution to Authorized Claimants;
- Pro Rata Distribution payments percentage to Authorized Claimants is approximately 3.25% (due to rounding the dollar amount to two decimal places and calculated based on the numbers quoted in #3 and #6 above) of the Claimant’s individualized Maximum Entitlement that is posted in the Claimant’s online claim file.
- Both the Maximum Entitlement and Pro Rata Distribution payment amount are posted in the Claimant’s online claim file at https://www.namastesecuritiesclassaction.ca/portal;
- Claimants will be paid their Pro Rata Distribution Amount and NOT their Maximum Entitlement Amount.
- Pro Rate Distribution payments will made by cheque and sent by regular mail once we receive authorization from the Court;
- Pursuant to the Plan of Allocation, “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.”
THE PROCEDURE FOR REFERENCE
If a Claimant disagrees with the Administrator’s decision relating to eligibility to share in the Distribution, the determination of the number of Qualified Shares, or the amount of his/her/its Maximum Entitlement, a Claimant may elect a Reference by the Referee by delivering a written election for review to the Administrator within fifteen (15) days of receipt of the Administrator’s decision.
The election for a Reference must set out the basis for the disagreement with the Administrator’s decision and attach all documents relevant to the review which have not previously been delivered to the Administrator. This election for a Reference must be accompanied by a certified cheque or money order, payable to the Administrator, in the amount of $150.
“Reference” means the procedure by which a Claimant who disagrees with the Administrator’s decision relating to eligibility for compensation, the determination of the number of Qualified Shares, or the amount of the Distribution, may appeal the Administrator’s decision and have it reviewed by the Referee;
KEY TERMS AND DEFINITIONS
“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;
Maximum Entitlement means an Authorized Claimant’s actual loss on Qualified Shares, as calculated pursuant to the formula set forth in the Plan of Allocation;
Reference means the procedure by which a Claimant who disagrees with the Administrator’s decision relating to eligibility for compensation, the determination of the number of Qualified Shares, or the amount of the Distribution, may appeal the Administrator’s decision and have it reviewed by the Referee;
“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