EDMONTON – A U.S. insurance company has agreed to pay US$219 million to end a class action lawsuit for allegedly making false and misleading statements about a group that includes the Alberta Investment Management Corp.The agreement in principle from Genworth Financial requires approval from a U.S. district court in Virginia, where the insurance company has its head office.Edmonton-based AIMCo — which invests on behalf of 26 pension, endowment and government funds in Alberta — was one of the lead plaintiffs in the suit, along with the California-based Fresno County Employees’ Retirement Association.The plaintiffs argued that Genworth’s executives and financial statements had failed to properly disclose information before the company announced in November 2014 that it would need to shore up its long-term care insurance business.The announcement of the $531-million accounting charge was followed by a substantial drop in the value of Genworth stock held by AIMCo and other investors.The Virginia-based insurance company continues to say the claims against it are without merit but has agreed to make the payment to avoid the cost and risk of continuing the battle in court. by The Canadian Press Posted Mar 14, 2016 7:07 am MDT Last Updated Mar 14, 2016 at 8:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Alberta-based fund manager AIMCo to get piece of US$219-million legal settlement
The UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said that it carried out a fourth mission to Yalda, an area to the east of Yarmouk hosting displaced people from Yarmouk. Humanitarian activities also continued in Tadamoun, to the north-east.An update on the situation report the agency is providing humanitarian assistance to 1,000 families affected by the crisis. UNRWA medical personnel established a mobile health point, treating 153 patients over the course of the day, a sustained increase from 15 April. The UNRWA distribution team will return to Yalda tomorrow. In addition, the UNRWA team travelled to Babila and Beit Saham, areas adjacent to Yalda to conduct rapid needs assessments and meet with local leaders. UNRWA plans to establish operations in these areas on Saturday, 18 April, substantially expanding the overall response.UNRWA continues to provide humanitarian assistance to the civilians from Yarmouk who remain displaced in Tadamoun and is also providing daily hot lunches for all civilians, complemented by regular distributions of canned food. “This continued distribution in Yalda, and planned expansion to other areas represents a sustained demonstration of UNRWA’s commitment to providing essential assistance to all civilians affected by the intensive armed clashes that have recently affected in Yarmouk,” the agency says in a press release. Meanwhile, UNRWA says its priority remains the delivery of humanitarian aid to civilians within Yarmouk itself and the agency reiterated its strong demand for all parties to respect and comply with their obligations to protect civilians and to establish of secure conditions under which it can deliver life-saving humanitarian assistance.