Leonard and Ranniger v. Manulife Financial Corporation and others : settlement reached subject to approval of courts

This is a class action in British Columbia and Ontario alleging that a large mortgage life and disability insurance business (covering debt payments in the event of death or disability) was subcontracted by Manulife to an unlicensed company, Benesure, that did not comply with government regulation, had inadequately trained representatives, charged the insureds too much for coverage offered and provided inadequate client service. Also, it is alleged the defendants shared confidential information through a computer system operated by Davis and Henderson for marketing purposes in breach of their clients’ privacy rights. The parties have reached a settlement subject to approval of courts in British Columbia and Ontario. The proposed settlement is for $4,250,000 plus taxes on class counsel fees and plaintiffs’ counsel disbursements. The net proceeds after payment of class counsel fees will be given to non-profit organizations that would further financial education, financial consumer causes and related charitable purposes in Canada.

The British Columbia Supreme Court will be hearing an application for consent certification of this action and approval of the settlement and class counsel fees on February 15, 2019. A copy of the B.C. Supreme Court Order appending the settlement agreement that sets out the full terms of the settlement, setting down the hearing and approving the method of notice of the hearing to the class members can be viewed by clicking here. If you have any questions or wish to make submissions at the hearing please contact Bruce Lemer.