June 28, 2017 / 11:39 PM / 2 years ago

Action against Home Capital given class status for settlement purposes

FILE PHOTO - The entry to the Home Capital Group's headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) - Home Capital Group Inc (HCG.TO) said on Wednesday that the Ontario Superior Court has certified as a class action an action against the company and certain former officers for settlement purposes only.

The class consists of all parties who acquired common shares of Home Capital from Nov. 5, 2014, through July 10, 2015, Home Capital said.

The settlement is part of a global settlement to resolve the action and related enforcement proceeding by the Ontario Securities Commission (OSC), the company said in a statement.

Earlier in the month, Home Capital, Canada’s biggest non-bank lender, agreed on a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.

The company said the settlement is subject to final approval by the court and by the OSC of the settlement of the regulatory proceeding.

The hearing to approve the OSC settlement is scheduled for Aug. 9, and a hearing to approve the class action settlement is scheduled for Aug. 21, the company said.

Reporting by Arunima Banerjee in Bengaluru; Editing by Leslie Adler

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