FMF Capital Group Securities Class Actions Settled for Over CAN$28 Million

Monica P. Navarro acted as co-counsel with the Canadian law firms of Siskinds LLP and Juroviesky Ricci LLP in connection with one of the largest securities class action settlements in Canadian and Michigan history. The FMF Capital Group securities class actions have been settled for over CAN$28 million. Under the settlement agreement, US$21 million will be paid by FMF’s insurers and by Michigan Fidelity Acceptance Corporation, a privately-held affiliate of FMF. The balance of the settlement proceeds (CAN$4.55 million) will be paid by FMF’s auditors and by the underwriters of FMF’s March 2005 initial public offering, led by BMO Nesbitt Burns, Inc. Siskinds will seek court approval of the settlement in Ontario on January 25, 2005. The lawsuit involved unique cross-border securities issues that were litigated in Ontario, Quebec, and Michigan courts.