TORONTO, ONTARI and LONDON, ONTARIO — (Marketwire) — 12/03/12 — Siskinds LLP and Koskie Minsky LLP, class counsel in the Sino-Forest class action, are pleased to announce a $117 million settlement with Ernst & Young LLP in the Sino-Forest class action. Ernst & Young LLP was Sino-Forest’s auditor from August 16, 2007 until its resignation on April 4, 2012. The class action alleges that Sino-Forest, certain of its directors and officers, auditors and underwriters mislead investors concerning the business and accounting at the collapsed timber trader.
The settlement is the largest settlement by an auditor in Canadian history, by a large margin, and is one of the largest-ever auditor settlements worldwide.
“We are proud of this historic settlement,” said Dimitri Lascaris, partner in the Siskinds securities class actions group, “it provides direct and immediate benefits to the Class Members.”
“Our clients are pleased with this result and we look forward to aggressively prosecuting the action against the remaining defendants,” said Kirk Baert, partner at Koskie Minsky.
The Siskinds securities class actions team has offices in London, Toronto and Montreal. The team, comprised of 12 lawyers admitted to practice in Ontario, Quebec, New York State, and the states of Queensland and Victoria in Australia, acts exclusively for investors. Siskinds’ securities class actions team is complemented by lawyers in Siskinds’ affiliate, Siskinds, Desmeules, based in Quebec City.
Koskie Minsky, based in Toronto, is Canada’s leading labour and employment firm. Its class actions team, led by Mr. Baert, has been a leader in class actions since 1992 and has prosecuted many of the leading cases in the area.
The litigation continues against Allen T.Y. Chan, W. Judson Martin, Kai Kit Poon, David J. Horsley, William E. Ardell, James P. Bowland, James M.E. Hyde, Edmund Mak, Simon Murray, Peter Wang, Garry J. West, BDO Limited, Credit Suisse Securities (Canada), Inc., TD Securities Inc., Dundee Securities Corporation, RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., Canaccord Financial Ltd., Maison Placements Canada Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated.