Update July 2006:

What's happening with the Administered Accounts Class Action Suit?

Damages Claim
July 17, 2003

The Supreme Court of Canada allowed the appeal of the Crown, concerning interest paid on funds administered on behalf of veterans from the period 1916 to January 1, 1990. The Ontario Superior Court of Justice and Ontario Court of Appeal had earlier rendered judgment ordering the Crown liable for damages for having denied any claim for interest on the administered accounts during this period.

December 22, 2003

Justice Brockenshire of the Ontario Superior Court of Justice concluded equitable damages were not caught by the Supreme Court decision, and the liability claim could be carried forward, minus a deduction from any damages of an amount for or on account of interest.

January 20, 2004

The Crown filed a Notice of Appeal of the December 22 Ontario Superior Court of Justice decision with the Ontario Court of Appeal. The Appeal Court has stayed all appeals until a decision is rendered in the lower court on assessment of damages.

September 20, 2004

The Ontario Superior Court of Justice will begin to hear information on damages assessment (equitable damages minus interest considerations).

December 31, 2004

A decision on damages assessment was released by the Ontario Superior Court of Justice. The decision established the principles upon which the damages would be calculated but did not order a specific amount of damages. Both parties filed appeals with the Ontario Court of Appeal with respect to aspects of the decision.

December 29, 2005

The Ontario Superior Court of Justice released its decision fixing the damages payable by the Crown in regard to the plaintiff's claim at $4.6 billion, plus the notional investment rate of return on the principal until future claims are satisfied. Both parties appealed various conclusions and joined those appeals with those pending before the Ontario Court of Appeal.

April 2007

The projected date for the Ontario Court of Appeal hearing is April 2007.