Overview
This class proceeding concerns the use and allocation of pension surplus from the CBC Pension Plan (the “Plan”).
This action alleges that CBC breached the terms of a Surplus Allocation Agreement with Plan members, pursuant to which surplus in the Plan was historically apportioned between CBC, active employees and CBC Pensioners. The action seeks orders directing the CBC to return three-tenths (30%) of the 2002 Surplus to the Plan and administer the 2002 Surplus, and all subsequent available Surpluses, in accordance with the Surplus Allocation Agreement, or in the alternative, damages on behalf of the class members.
Don Waterston, former President of the CBC Pensioners' National Association is the Representative Plaintiff in the action. This action was certified as a class proceeding by Order of the Ontario Superior Court of Justice March 10, 2006.
The class of persons this action represents is detailed in the Certification Order, below. Generally, it is comprised of persons who were in receipt of an annuity or pension from the CBC under the CBC Pension Plan on December 31, 2002 and/or on December 31, 2005.