5°c Clear
17°c Sunny
The Canadian Press - ONLINE EDITION
$117M settlement between Ernst & Young, Sino-Forest gets OK by Ontario court
TORONTO - The Ontario Superior Court has approved a $117-million class-action settlement involving Sino-Forest Corp. and its former auditor, Ernst & Young.
The agreed deal will see the accounting firm pay towards into a fund to compensate shareholders of the troubled Chinese-Canadian company, which has been accused of fraudulently overstating its assets.
It's believed to be one of the largest settlements involving an auditor in Canadian history.
The class-action had alleged that directors, officers, auditors and underwriters at timber trader misled investors with its accounting.
Several shareholders had originally objected to the settlement.
The company was first accused in 2011 of being a Ponzi scheme by Muddy Waters Research, prompting investigations by the Ontario regulator and the RCMP.
The company and several former executives have since also been accused of lying to investors and attempting to mislead investigators.
A number of lawsuits involving Sino-Forest are still ongoing in the courts.
More Canada
- Back to Top
- Return to Canada
Poll
Most Popular Canada
- Two men now facing first-degree murder charges in Tim Bosma test drive death
- 'I did not know,' Harper says about chief of staff's $90K payment to Duffy
- Purse stolen from woman who died in Toronto subway station: police
- Mother cries, yells as driver appears in court charged with killing boy on patio
- Man killed after test drive a regular guy, and it cost him his life: widow
- Toronto, eh? Late-night TV cracks up audiences with jibes at Mayor Rob Ford
- Mayor Rob Ford says crack video allegations false, according to his brother
- Tory-dominated committee deleted tough parts of Duffy report: document
- Canada lifts lifetime ban on gay men giving blood, but some restrictions remain
- Ford ducks crack scandal; Trudeau, Wynne do not
- Crack-cocaine video allegations 'ridiculous,' Toronto Mayor Rob Ford says
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Mother cries, yells as driver appears in court charged with killing boy on patio
- Harper to be on hot seat at Tuesday caucus after chief of staff quits
- Baird takes the heat, Harper sheds little light on Senate spending scandal
- Toronto mayor stays silent about alleged crack video as Trudeau, Wynne weigh in
- Two men now facing first-degree murder charges in Tim Bosma test drive death
- Duffy quits Conservative caucus over expenses as colleagues began turning on him
- Canadian and American missing for nearly two weeks in Mexico
- A look at the life and career of Ray Novak, prime minister's new chief of staff
- First-degree murder charge to be laid in test drive death; remains badly burned
- Multiple fatalities after serious crash near U.S. border
- Canadian tourist dies after falling from hotel in Mexican resort
- Crack-cocaine video allegations 'ridiculous,' Toronto Mayor Rob Ford says
- Arrest made in case of Hamilton, Ont., man missing after pickup truck test drive
- Engineer charged in mall collapse
- Leaving Saskatoon: police mourn homeless drunk they considered a friend
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Man with no arms plans to fight seatbelt ticket, wants apology from police
- Mother cries, yells as driver appears in court charged with killing boy on patio
- Toronto, eh? Late-night TV cracks up audiences with jibes at Mayor Rob Ford
- Conservatives face latest test in Senate scandal
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Two men now facing first-degree murder charges in Tim Bosma test drive death
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Hundreds wait to pay respects to leader who blocked Meech Lake accord
- Man killed after test drive a regular guy, and it cost him his life: widow
- Senate returns to business as usual despite spending scandal
- 'I did not know,' Harper says about chief of staff's $90K payment to Duffy
- Tory-dominated committee deleted tough parts of Duffy report: document
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Search on for living creatures far beneath Canadian Shield
- Quake near Ottawa rattles residents across wide swath of Ontario, Quebec
- Conservative senator Duffy claimed expenses while campaigning in 2011 election
- Grade 5 kids urge Harper to drop mean attack ads against Justin Trudeau
- Secret CSIS source, allied intelligence cited in high-profile terror case
- The Gretzky of Gretzky collectors
- Canadian and American missing for nearly two weeks in Mexico
- Hadfield home, but he can't even drive his car
- Harper government buying ads to promote job grant program that doesn't yet exist
- U.S. bill would give Canadian snowbirds more time to spend in the sun
- 'Revenge of the redheads': Ginger-haired Montrealers gather in celebration
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- Man with no arms plans to fight seatbelt ticket, wants apology from police
- Leaving Saskatoon: police mourn homeless drunk they considered a friend
- Commanding officer of Canadian Forces base in Alberta charged with sex assault
- Duffy bailout by Harper's chief of staff prompts allegations of coverup by PMO
- Engineer charged in mall collapse
- What's snot OK with eating your own boogers?
- Prince Philip presented with Order of Canada during royal visit to Toronto
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.