Cameco, the world’s largest supplier of uranium, has settled a lawsuit with representatives of the Eldorado/Cameco pension plan.
The lawsuit originally claimed proceeds in excess of $60 million but was settled for $18 million, minus legal and administrative costs of about $1.5 million.
The lawsuit was filed in 1993 by a group consisting mostly of members of the former federal Crown corporation Eldorado Nuclear, which merged with Cameco in 1988.
The suit was based on issues related to the conversion of the pension plan from a defined benefit plan to a defined contribution plan effective January 1988, and the use of the surplus.
The suit raised issues regarding historical contribution holidays taken under the plan and the deductibility of certain expenses from it. At the time, Eldorado obtained regulatory approval from the Office of the Superintendent of Financial Institutions.
Of the $18 million, Eldorado, now Canada Eldor, agent of the federal government, will assume responsibility for $16.2 million, and Cameco, the remainder.
How does this affect pensioners that have already passed away. Do thier beneficiaries get notified if so how do we find out any information?