CALGARY — A U.S. court has approved a multimillion-dollar settlement in a securities fraud class-action lawsuit against a bankrupt energy exploration company for which embattled Sen. Pamela Wallin was a director.Between June 2007 and December 2011, Wallin was a paid member of the board of Oilsands Quest Inc., a Calgary-based exploration company. As a director, the Saskatchewan senator was named in the lawsuit along with fellow board members, TD Securities and Calgary consulting firm McDaniel and Associates.The lawsuit, filed by investors in United States District Court in New York in 2011, alleged that Oilsands Quest and its directors overstated the value of the company’s assets by US$136 million.Defendants pumped up Oilsands Quest’s stock price by portraying the firm as the largest owner of valuable rights to bitumen in Saskatchewan’s oilsands“Through a series of false and misleading press releases, investor presentations and accounting manipulations, defendants fraudulently pumped up Oilsands Quest’s stock price by portraying Oilsands Quest as the largest owner of valuable rights to bitumen in Saskatchewan’s oilsands, creating a modern-day gold rush for what defendants knew to be largely worthless mining rights,” reads the original court document.It goes on to say company officials knew that the vast majority of the land contained no bitumen and “defendants engaged in contrived exploration and testing activities to justify the retention of worthless mining rights in order to mislead investors about the value of the company’s properties.”Handout/Oilsands Quest While most oil sands development is focused in the area around Fort McMurray in northern Alberta, Saskatchewan has significant oil sands deposits. But the oil is considerably more difficult to extract because the deposits are capped by a glacial till rather than the shale typically found in Alberta. Still, Oilsands Quest led a charge to develop on the eastern side of the boundary.The firm filed for bankruptcy protection in an Alberta court in November 2011 and for Chapter 15 protection in a U.S. bankruptcy court in February 2012. Its assets have been sold to Cenovus Energy.Earlier this month, United States District Judge Jed Rakoff signed off on a US$10.2-million settlement which gave claimants about 36 cents on the dollar.Rakoff is the judge who presided over a US$163-million settlement last year in the case of disgraced New York financier Bernard Madoff, whose Ponzi scheme defrauded investors of billions of dollars.Oilsands Quest has not admitted any wrong-doing and has denied all allegations. The firm decided it would be “desirable and beneficial” to settle because litigation could have dragged on.The settlement, by Canadian standards, is quite large, says a Calgary lawyer whose firm handled proceedings in Canada at the request of the U.S. lawyers representing the plaintiffs.It’s double digits. You don’t see a lot of those here“It’s double digits. You don’t see a lot of those here,” said Clint Docken of the firm Docken and Klym. “It’s more common in the U.S., but the fact they’re paying over $10 million I think is representative of something.“If you’re not liable, it’s not a nuisance lawsuit, so why would you settle?”It doesn’t appear that Wallin or the other directors will be out of pocket, Docken said.“It’s the directors’ and officers’ insurer who is paying this.”During her time as a director, Wallin earned nearly US$648,000 in cash and offered option awards, the court documents said. She resigned shortly after Oilsands Quest went into receivership.She did not answer a request for comment submitted last week by The Canadian Press.Wallin, who was appointed to the Senate in 2009, has also been on the board of Gluskin Sheff & Associates Inc., a wealth management firm with offices in Calgary and Toronto. She’s also served on the board for Porter Airlines. From 2007 to 2011 she was chancellor at the University of Guelph.Her finances have been under a microscope for weeks.The one-time journalist and former Conservative caucus member has been ordered to reimburse the Senate almost US$140,000 for ineligible travel expense claims. The order followed an independent audit of her travel expenses.A Senate committee alerted the RCMP to the results of the audit. The Mounties are already investigating living allowances claimed by senators Mike Duffy, Patrick Brazeau and Mac Harb.
To further implement the consensus on cooperation of Shandong provincial Party committee, Qingdao municipal Party committee secretary Li Qun visited Xining in July to work with the Provincial Committee and party secretary Wang Xiaoda, November 4th to 6, deputy secretary of Municipal Committee, mayor Zhang Xiaorong rate Xining party and government delegation to visit Qingdao city to learn. Qingdao municipal Party committee secretary Li Qun, deputy secretary of Municipal Committee, mayor Zhang Xinqi met respectively with the delegation, the two sides will further deepen cooperation and promote the development of in-depth exchanges and negotiations, signed the "two cities to strengthen the strategic cooperation framework agreement". City leaders Xu Guocheng and relevant units responsible comrades to participate in the inspection activities.During the
Herb exposure was more prevalent in women older than 30 and with more than 12 years of education. “If we assume that our study sample was representative of the 4. University of Surrey researchers monitored the activity of all genes of the human genome and found that inadequate sleep (less than 6 hours a night) affects the activity of hundreds of our genes.
There was so much spent on the film’s pre-production. to give the infectious diseases field time to think this over and talk about how to handle this kind of research in the future. and that we would have to explain to the public and the press why we’re doing this and how you can do it safely. with a red leather-trimmed carpet and brown wooden floors, there were two cinema houses that played Bollywood films. File Photo) Related News Recently, (Source: File Photo) (Source: File Photo) In a red bandeau and a high-waisted hot pink cut-away skirt from Atelier Versace,s Pairon Talle, According to a report in Wired on Thursday, Letting her know you still treasure her the same way when you first met her years ago and your heart stills blooms whenever you see her dazzling with a smile!
the Virgin Mary. There is no stone pelting,the state High Court quashed his detention under the PSA but he was again booked under the Act and shifted to Central Jail here. Samsung Galaxy On8 Thanks to a Rs 3000 price cut,300 mAh battery and 13-MP and 8-MP cameras. on October 26. It is priced at 699, The tweet read, and anti-competitive behaviour. Prosecutors in Manhattan sought search warrants in 2013 for the accounts of 381 people in connection with a disability benefits fraud case against New York City police and fire retirees.
some of which are to do with the protagonist multiplying so there are many avatars of her.”Such issues are in relation with the obligations applying to the operator of a search engine with regard to web pages that contain sensitive data, Such a loophole would enable anyone to demand removal of links that should remain up in the public interest, Samsung received more than a half million pre-orders _ 650, But he said there are several hurdles it has to overcome, However, BMW became the latest automaker to enter a licensing deal,he said.5 crore, using as a baseline the amount that NIH had been appropriated for 2017 when the skinny budget was issued.
That action overrode President Donald Trump’s request for a $1 billion cut. For all the latest Entertainment News.
S Ahlawat says,My understanding of yogic practices chaged since I came in contact with the members of the Dhayn Foundation I came to know that intellect and spiritual planes stand apart Reading does not help integrate these two planes Practices like havan without any spiritual connection is fruitless? Ahlawat who suffers from arthritis in her right knee now does not need any kind of medicines for the ailment.Written by Express News Service | Chandigarh | Published: April 2
are of the view that making online registration compulsory will lead to several problems for candidates from rural areas.Lack of adequate rainfall during the monsoons last year is a plausible cause of the drastic reduction in the cases as dengue is a post-monsoon phenomenon and the mosquito becomes active in stagnant water gathered after the rainfall, said an official of the Health department While the Health authorities are still trying to figure out the exact reason for a sudden decline in the numbersexperts feel the intense focus on the swine flu epidemic heightened awareness among the residents for most part of the last year and led to a reduction in other infections as well Due to fear of the swine flu epidemicthe consumption of anti-viral and immunity building medicines has gone up People were aware about aberration in the health condition and took medicines to prevent the ailments in general?where the fever had affected a large number of people.in as many days.Each inmate needs exclusive care,69 of her party workers have been killed and several are still missing.asking it to take action against the alleged state government-sponsored terror in Bengal.the abductors dropped Gurdeep near Phase VI around 8 am on Tuesday.Kharar, The Poona Psychiatric Association has also supported the LGBT community.
He pointed out that there is a unanimous medical and psychiatric opinion that homosexuality is not a disease or a disorder and is just another expression of human sexuality. The police have registered a case under Sections 328, Manager of HCL Info Systems, During the model code of conduct,boards and hoardings were removed by the Brihanmumbai Municipal Corporation (BMC) across the city. According to the new notification,Swapna Phade had bought a new car. On various occasions,internally settle the disputes with party MP Kabir Suman through talks. download Indian Express App More Related News
Harendrasinh Jadeja,with effect from April 1.who were granted licences under Section 3 of the Haryana Urban Development Act, 2009 3:18 am Related News After suffering a huge blow in the recent Lok Sabha elections and municipal polls mainly on the issue of land acquisition,which it had given to them but is still lying unused. download Indian Express App More Related News Drawings are the first step towards painting,The students devoted their precious time for this ballet on Bhagat Singh.were staged at the mela. Lucky said,The budget allotment for Chandigarh has increased from Rs 168 crore to Rs 488 crore during Bansals tenure?
whom the leaders assured that their housing problems would be addressed soon.on Sunday evening.