UPDATES:

The Honourable Regional Senior Justice Lynne Leitch is appointed Case Management Judge in these proceedings. The parties have held 20 case conferences before Madam Justice Leitch since August 2006. Documentary production and Examinations for Discovery are near completion. The Motion for Certification of this action as a class proceeding was argued in September 2007.

On February 29, 2008, Madam Justice Leitch released her reasons in which she granted the Plaintiffs’ request for certification. Following the delivery of those reasons, Regional Senior Justice Leitch granted the Plaintiffs leave to issue a Fresh as Amended Statement of Claim.

On April 21, 2008, the Defendants sought leave to appeal the certification decision of Regional Senior Justice Leitch. On April 25, 2008, T.D. Little J. granted the Defendants request. The appeal was heard August 21, 2008 before the Divisional Court in Toronto. On September 3, 2008 the Divisional Court dismissed the Defendants’ appeal and ordered that these proceedings continue as certified by Regional Senior Justice Leitch.

The notice program and opt-out period have now ended. The class membership has been fixed.

A pre-trial conference is scheduled to take place June 8th, 2009. A trial of the common issues is scheduled to commence September 29th, 2009 in London.

Background

The Jeffery/Rudd Action and the McKittrick Action challenge on behalf of participating policyholders the involvement of the participating accounts of LLIC and GWLAC in the financing of the purchase by GWLAC and Lifeco of the parent company of LLIC in 1997.

The Defendants claim that all requirements were met and deny the Plaintiffs’ allegations.

The actions are brought on behalf of two classes of people defined as follows:

"All persons who held a participating life insurance policy of the London Life Insurance Company between November 1997 and the date of judgment."

and

"All persons who held a participating life insurance policy of the The Great-West Life Assurance Company between November 1997 and the date of judgment."

The Plaintiffs in each action claim that the involvement of the participating accounts constituted a breach of certain requirements of the Insurance Companies Act.  The Plaintiffs seek damages, including a special payment to class members, declarations of law, orders restraining LLIC and GWLAC from taking certain future steps in relation to the participating accounts, and the unwinding of the transactions involving the participating accounts.

The actions are proceeding in tandem before the same case management judge. If the lawsuits proceed to trial they will be heard by the same trial judge.