SNC-Lavalin Group Inc. has agreed to pay C$88 million to settle two class-action lawsuits in Quebec and Ontario relating to alleged disclosure misrepresentation during 2009 to 2011.
The suits were filed on behalf of SNC-Lavalin's security holders in 2012 pursuant to the secondary market civil liability provisions in various Canadian securities statutes. The settlement, which is pending court approvals, is "another step in resolving our legacy issues and de-risking the future of SNC-Lavalin," the company said in a May 22 news release.
The Montreal-based engineering and construction services provider previously signed an administrative agreement with Public Works and Government Services Canada under the federal government's new Integrity Regime in 2015, reached an agreement with the Commissioner of Canada Elections and with the Ordre des ingénieurs du Québec in 2016 and reached a fair and final settlement with Quebec's Voluntary Reimbursement Program in 2017.
