- The Company and its insurers have reached an agreement to
settle two class actions, brought in Quebec and Ontario on behalf of security holders,
relating to alleged disclosure misrepresentation during
2009-2011.
- The Company will contribute $88M to the settlement of both class
actions.
MONTREAL, May 22, 2018 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) announces that it has, subject to required court
approvals, reached a settlement agreement in relation to class
actions in Quebec and Ontario filed in 2012 on behalf of security
holders (collectively, the "Actions"). The Actions were brought
pursuant to the secondary market civil liability provisions in
various Canadian securities statutes.
The Company has contributed $88M
to a settlement of both class actions.
In 2012, the Company initiated a series of significant changes
and enhancements to reinforce its ethics and compliance procedures
company-wide. These enhancements include, but not limited to,
external validation of the ethics and compliance program by an
independent compliance Monitor, who reports directly to the World
Bank. Its program is now considered by external third-parties to be
proactive, robust and a benchmark in the engineering services and
construction industry.
The Class action lawsuit settlement is another step in resolving
our legacy issues and de-risking the future of SNC-Lavalin, along
with signing an administrative agreement with Public Works and
Government Services Canada under the federal government's new
Integrity Regime in 2015, reaching an agreement with the
Commissioner of Canada Elections and with the Ordre des ingénieurs
du Québec in 2016, and reaching a fair and final settlement with
Quebec's Voluntary Reimbursement
Program in 2017.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a global fully integrated
professional services and project management company and a major
player in the ownership of infrastructure. From offices around the
world, SNC-Lavalin's employees are proud to build what matters. Our
teams provide comprehensive end-to-end project solutions –
including capital investment, consulting, design, engineering,
construction, sustaining capital and operations and maintenance –
to clients across oil and gas, mining and metallurgy,
infrastructure, clean power, nuclear and EDPM (engineering design
and project management). On July 3,
2017, SNC-Lavalin acquired Atkins, one of the world's most
respected design, engineering and project management consultancies,
which has been integrated into our sectors.
www.snclavalin.com
SOURCE SNC-Lavalin