Atlas class action

1. The law firms of Sutts, Strosberg LLP, Groia & Company and Koskie Minsky LLP are the lawyers who are acting for the Class Members in a class action against Atlas Cold Storage Holdings Inc. and others. A copy of the current statement of claim may be viewed here.

2. Great news! On July 9, 2008, Justice Lax certified this action as a class proceeding and approved a settlement in the amount of $40 million. Justice Lax has not yet delivered written reasons. When she does so, her reasons will be posted on this site.

3. The judgment certifying the action as a class proceeding and approving the settlement may be viewed here. The deadline to appeal from the judgment has passed and the judgment is now final.

4. On October 2, 2008, Justice Lax signed an order declaring, among other things, that the Settlement Agreement is final and binding. A copy of the order may be reviewed here The appeal period from this order has also expired and the declaration that was issued is final.

5. You are a class member if you purchased or acquired Atlas Trust Units during the period March 1, 2002 and August 29, 2003 under the terms of a prospectus offering, on the TSX, or in any other fashion, and held some or all of those Trust Units at the close of trading on the TSX on August 29, 2003. Those who are excluded from the Class are described here.

6. If you are a Class Member, you may receive up to $4.50 per Eligible Trust Unit, depending upon your actual trading loss and the total amount of the valid claims filed. The Distribution Plan may be viewed here.

7. To participate in the settlement, you must file your Claim Form with the Administrator by March 2, 2009 by or before 5:00 p.m. Toronto time. To obtain instructions about how to file your claim, visit www.atlasclassaction.com.

8. The deadline to opt out of this class action has expired.

9. The notice that was published in certain newspapers and that was sent to over 10,000 Class Members may be viewed here.

10. If you would like to speak to someone about this class action, please call the Claims Administration Help Line at 866.669.6615.

THE HEARING ON AUGUST 12, 2008 TO FIX CLASS COUNSEL FEES

11. On August 12, 2008 Justice Lax heard argument about the amount that class counsel should be paid for acting in this class action. She has not yet delivered her decision. When she does, it will be posted here.

12. At the hearing, Class Counsel asked for fees in the amount of $12 million, GST thereon in the amount of $600,000 and disbursements in the amount of approximately $450,000.

Update:  November 4, 2008