Notice of Class Action Dismissal
By order of the Ontario Superior Court of Justice, dated November 17, 2022, the proposed class action, Conrad v. TransAtlantic Direct et al (Ontatrio Court File No: 19-68132) has been dismissed. Please read this notice carefully for more information.
What was the proposed class action about?
The proposed class action against TransAtlantic Direct, TRD-Euromarkets S.L., Stewart Price (a.k.a. Mark Singer), Martin Schwartz (a.k.a. Bernard Sevilla) [the “TransAtlantic Defendants”], and Corus Entertainment Inc. [“Corus”] was commenced in the Ontario Superior Court of Justice on January 22, 2019. The class action was brought on behalf of all persons who invested funds with TransAtlantic following TransAtlantic’s appearance on various radio shows run on stations owned and operated by Corus. The lawsuit claimed:
- Corus operated radio stations which aired programs which purported to be public information programs providing information and advice to listeners on financial matters and investing
- The TransAtlantic Defendants appeared on these programs providing financial advice and investing recommendations
- On the basis of these recommendations class members invested money with the TransAtlantic Defendants
- The TransAtlantic Defendants were in fact frauds and misappropriated class members’ investments
- Corus and the TransAtlantic Defendants represented that the members of TransAtlantic Direct were competent, licensed investors when in fact they were not
- The TransAtlantic Defendants and Corus made misleading statements for the purpose of promoting their business interests
- Corus permitted TransAtlantic Direct access to its listening audience, and
- The TransAtlantic Defendants and Corus were negligent and failed in their duties to class members
Corus has denied all of these allegations. The TransAtlantic Defendants have not responded to the allegations. The proposed class action has not been certified, and there has been no adjudication on the merit of the claims in the proposed class action.
What does this dismissal mean for you?
Limitation periods for people to file their own legal action against Corus and The TransAtlantic Defendants were suspended upon commencement of this proposed class action on January 22, 2019. However, since the proposed class action has been dismissed, limitation periods have resumed running as of November 17, 2022. If there is any time left on any limitation period that applies to you, on the expiry of your limitation period, a right to sue or complain may be extinguished.
If you require further information regarding your legal rights, it is recommended that you obtain legal advice from a lawyer of your choice. You are responsible for your own legal fees.