TORONTO, August 12, 2003 (PRIMEZONE) -- A class action lawsuit has been filed against the Ontario Municipal Employees Retirement Board (the "OMERS Board"). The lawsuit concerns the transfer of benefits from the Ontario Municipal Employees Retirement System (the "OMERS Plan") to another pension plan under the Multi-Lateral Portability Agreement (the "Agreement") in respect of individuals who terminated their membership in the OMERS Plan after January 1, 2000. The Agreement provides for the transfer of pension benefits between the large Ontario public sector pension plans that participate in it.
The plaintiffs are Angus Mortson and John Bacon, two former OMERS Plan members who terminated their OMERS Plan membership after January 1, 2000 and elected to transfer their benefits under the OMERS Plan to another pension plan under the Agreement. They will be requesting court certification as representatives of a class consisting of all individuals who terminated their membership in the OMERS Plan after January 1, 2000 and elected to transfer their benefits under the OMERS Plan to another pension plan under the Agreement.
The statement of claim alleges that the OMERS Board failed to provide the members of the proposed class with the full value of their OMERS Plan benefits. The statement of claim also alleges that the alleged failure of the OMERS Board to provide the members of the proposed class with the full value of their OMERS Plan benefits constituted a breach of its fiduciary and contractual obligations to the members of the proposed class and contravened the OMERS Plan and the Agreement.
The plaintiffs are seeking damages for the members of the proposed class equal the difference between the amount that was transferred and the value of their entitlements under the OMERS Plan, plus interest.
The plaintiffs are represented by the Toronto law firm of Koskie Minsky. Koskie Minsky is a leading employee benefits firm and is experienced in handling complex class actions involving pension and employee benefit matters. Lexpert recognizes lawyers at the firm as leading practitioners in the area and in related areas of law.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca