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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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From: scaramoucheone9/1/2006 7:07:21 PM
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It looks like that big Texas law firm has bowed out of the proceedings.

brexclassaction.com

The Bre-X Action has been stalled for years because Judge Folsom in Texas delayed a decision on whether or not to approve the Bresea Settlement Agreement. Bresea agreed to pay $9 million under the Bresea Settlement Agreement.

After approving the Bresea Settlement Agreement in June 2002, Mr. Justice Winkler of the Ontario Court concluded that it would not be fair to the parties in the Bre-X action to proceed with examinations for discovery until all courts determined whether Bresea remained a defendant in the action.

Unfortunately, because of Judge Folsom’s delay, the date for closing of the Bresea Settlement Agreement passed. Bresea refused to extend the Settlement Agreement and asserted that it had no obligation under the Bresea Settlement Agreement. Plaintiffs' counsel made a successful application to the Alberta Court for an order to extend the Settlement Agreement.

On September 30, 2004, the decision of Judge Folsom, among other things, approved the settlement with Bresea. The Settlement closed on February 4, 2005.

On November 24, 2004, the bankruptcy court judge in Alberta lifted the statutory stay of proceedings so that the action could proceed forward through documentary and oral discoveries.

The plaintiffs will now prepare for examinations for discovery and will obtain directions from the court for scheduling the examinations of the remaining defendants.

If you would like to speak to someone at Sutts, Strosberg LLP about this class action, please use our toll free line 800.229.5323.
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