Class action against Great West Life begins
A London courtroom heard the start of opening arguments yesterday in a class action trial that is scheduled to last 10 weeks. Colleagues of mine at Harrison Pensa are acting for the class – arguing that when GWL bought London Life in 1997, they improperly used policyholder money to finance the purchase. Potential damages are hundreds of millions of dollars.
Coverage of yesterday’s proceedings is in the Toronto Star and the Financial Post. Also see a Toronto Star article from a few days ago.
My Father happened to be one of the policyholders in this matter. I find it totally unreal that this has been allowed to continue for so long. My father has now passed away and would have been pleased if this matter was settled. It is a very sad situation that it has been dragged on so long. IF and WHEN they do resolve this there will be nothing left but court cost. My father worked and was a dedicated employee with Great West Life all my life. Always did extra for the company and I guess this is payback for being so committed, missing time with family etc. GWL should be fined totally, someone should have to pay for what they have done to these employees and their families. Most employees have passed on now and that is very sad. Turn the tables and ask what they would do if this happened to them… I am totally discussed with the courts for allowing this to continue. There should be a deadline, not more legal fees.
Comment by Joan Vermeersch (Lindop) — February 7, 2010 @ 11:57 am