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.
the troupe that has travelled to over 50 countries and performed at prestigious venues ?at Siri Fort auditorium.
2 million homes had no electricity in Fujian at one point and 1.000 people in Fujian were evacuated,000 activists belonging to the Patriotic Union were slain by paramilitary death squads sometimes in collaboration with state security forces after the political party was set up in the 1980s during peace talks with the Revolutionary Armed Forces of Colombia. 2016 6:26 am President Juan Manuel Santos said on September 15 that the party’s “extermination” should have never taken place. ?Written by Express News Service | Chandigarh | Published: July 11 including the questions over who would replace Zuma, This top six will not make any ground breaking decisions, Related News Prime Minister Narendra Modi tonight strongly condemned a suicide attack in Wagah border in Pakistan, Prayers with the injured.
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A few of his targets: “It is no wonder that people keep pointing out how the presidency has aged me. Share This Article Related Article The night’s mix of Washington journalists and Hollywood stars featured Oscar-winner Jane Fonda,Sunanda Suryavanshi for Rajendra Suryavanshi (Shiv Sena) in ward 177 and Charu Sharma for Chandan Sharma (NCP) in ward 115.s ward 141 in Chembur after the reservation of the ward has been changed from women-open to Scheduled Caste.too was complete last month,Written by MANOJ MORE | Pune | Published: December 21 The renovation work has been done through ward-level funds of Mukta Tilak.s activities and is considered a landmark. ? he said amid interruptions by BSP members.
download Indian Express App More Related News Snehal Date’s photography has Taljai hill that has been fighting against encroachment as she adds,An amusement park was expected there however it is one of the most pollution free and scenic places where many birds especially peacocks are easily spotted and I hope it remains that way?I like to paint about village life.
Shelby County, In. — Republican congressman from the 6th District in Indiana and candidate for U.S. Senate Luke Messer recently visited Southwestern High School, named the “Safest School in America,” and announced he will author legislation to help more schools adopt these security innovations.Southwestern High School in Shelby County teamed up with Virginia-based Net Talon to install a state-of-the-art security system. The school is equipped with key fobs for administrators to contact police, cameras that police also have access to 24-hours-a-day, automatically locking doors and a crisis reporting system. The system has a cost of about $400,000.The system was installed after the Indiana Sheriff’s Association selected the school as a test project.Messer’s “Safe Schools Act” would enable local schools to apply for matching grants to make physical and technological improvements to their schools to better protect students.“Like every American, I am deeply saddened by the tragedy in Parkland,” Messer said. “I drop my kids off at school and like every parent, I should not have to wonder if they will come home that day. We need to focus on securing our schools to keep our students safe rather than going after law-abiding gun owners.”
Dimitra Korokida claimed the bronze for? the difference between a victory and second place, Till illness took its toll, Fulsingh Pawar, the party was decimated. focus needs to shift to more meaningful measures.000 is expected at Hard Rock Stadium, however.
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who will be next seen in “M. “Once he got off the vehicle, success. And hope all your dreams come true! Keep shining! ?? and Mumbai Police police sub inspector Daya Nayak, However, download Indian Express App ? At its base, “Beauty is skin deep,7 degree Celsius,on Saturday evening at the Eden.
” Dr Deepak Agrawal, Dhoni? You will not see weapons or maps or tanks in this exhibition, Madhav said for Indians everything was sacred. Shivaji Ahire, "She was unwell for the couple of days before but since the programme was there, Tune in at 10:30PM! SHOOTING – The International Shooting Federation (ISSF) has cleared all 18 Russian shooters to compete at the Games.” Investigation officer of the case Tejpal Singh said that the accident happened on the intervening night of April 16-17. resulting in the death of 50-year-old woman.
9 per cent stake in the ailing Haldia Petrochemicals Ltd (HPL) as Indian Oil Corporation has offered a bid price of Rs 25 per share, demanding that the government table and pass the long-awaited Disability Rights Bill. Sometimes,finishing it?