June 14, 2017 / 10:06 PM / a year ago

BRIEF-Home Capital announces agreements to settle OSC, class action matters

* Home capital announces agreements to settle OSC and class action matters

* Says has reached two agreements which together comprise a global settlement with Ontario Securities Commission

* Says has reached agreements related to class action commenced in Feb by Claire R. Mcdonald relating to allegations of misleading disclosure

* Says under proposed settlement with commission, co will make a payment of $10 million and reimburse commission costs in amount of $500,000

* Says Home Capital expects to fund substantially all of costs of such settlements through available liability insurance

* Says ‍will make a payment of $29.5 million to be distributed (net of costs and other expenses) to class as defined in class action

* Says payment of $29.5 million includes $11 million of payments being made in commission settlement

* Says there will be no deduction for legal fees of counsel for class plaintiff in respect of $11 million being paid in commission settlement

* Says Robert Morton, Martin Reid will be reprimanded, prohibited from acting as director or officer of any reporting issuer for 2 years

* Says under settlement with commission, Gerald Soloway will be prohibited from acting as director/officer of any reporting issuer for 4 years

* Says under its proposed settlement with commission, Soloway will pay an administrative penalty in amount of $1 million Source text for Eikon: Further company coverage:

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