Pace Mediation Settlement Approved

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TORONTO, July 30, 2021 /CNW/ - Justice Koehnen, of the Superior Court of Justice (Commercial List), today signed an order approving the settlement reached through mediation for settlement of claims in respect of the sale of preferred shares of Pace Financial Limited and First Hamilton Holdings Inc..

FSRA Logo (CNW Group/Financial Services Regulatory Authority of Ontario)
FSRA Logo (CNW Group/Financial Services Regulatory Authority of Ontario)

FSRA, in its capacity as Administrator of PACE and as the regulator of PACE and the Ontario credit union sector, participated in the mediation process. We believe the settlement is in the best interest of consumers of financial services in Ontario, PACE and its members, including those who were investors, and its community of stakeholders.

FSRA is pleased that through the settlement, the investors, many of whom are members of PACE, will be fairly compensated.

FSRA is also of the view that Court approval of the settlement is an important and necessary step towards the completion of its administration of PACE. By eliminating the uncertainty created by the Investors' claims, the settlement provides certainty to PACE. That will allow PACE to continue to serve its members needs and contribute to the ongoing confidence in the credit union sector.

SOURCE Financial Services Regulatory Authority of Ontario

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