In 2004, Siskinds LLP commenced a class action styled Genier v CCI Capital Canada Limited, et al. (Court File No. 45196CP) in Ontario against CCI Capital Canada Limited, CCI Capital Corp., CCI Investments Inc., Centurion Developments Ltd., Ravi Chaudhary, Robert James Emerson, Environment Regeneration Systems Inc., IPO Capital Corp., Integrated Business Concepts Inc., Ricardo Molinari, Niddrie & Associates Ltd. (c.o.b. as “Wilson Insurance And Financial Services”), Phoenix Financial Group Inc., Phoenix Financial Group (2000) Inc., Vince Villanti, James Wilson, 1009863 Ontario Inc. (c.o.b. as “Wilson Insurance And Financial Services”), and 1545182 Ontario Inc. (c.o.b. as “Wilson Insurance Brokers”) (collectively, the “Defendants”).
The class action alleges that the Defendants were involved in a conspiracy to improperly solicit deposits from members of the public.
Developments
On October 16, 2008, the action was certified against the non-settling defendants on behalf of the following class:
Any person or entity who deposited, invested, or contributed funds in, through, with or to CCI Canada Ltd., CCI Capital Corp., CCI Investments Inc., and/or Phoenix Financial Group Inc. and who were clients of, received advice from, were solicited by, or received representations from Jim Wilson, 1009863 Ontario Inc. (c.o.b. as Wilson Insurance and Financial Services) or 1545182 Ontario Inc., excluding the Defendants and their officers, directors, shareholders, employees, agents, partners and spouses and persons or entities who opt out of the Action.
Settlements were reached with Niddrie & Associate Ltd. (c.o.b. as Wilson Insurance and Financial Services) in the amount of $50,000, and IPO Capital Corp. in the amount of $115,000. Both settlements were approved by the Ontario Superior Court of Justice (“Court”).
There will be a motion before the Court on June 19, 2025 at 9:00 a.m. to approve a protocol for the distribution of settlement funds achieved in this action (the “Distribution Protocol”) and the discontinuation of this action as against the remaining Defendants.
- To review the Notice of Distribution and Discontinuance of Class Proceeding, click here
- To review the Proposed Distribution Protocol, click here
If the discontinuance is approved by the Court, the litigation will come to an end.
FAQs
What is a class action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Class counsel are not seeking approval of fees with respect of the Niddrie and IPO Settlements. However, Class counsel will be seeking to recover some modest disbursements incurred in the litigation.
Can I opt-out of the class action?
The time to opt-out of the action has passed.
Who is affected by the class action?
You are affected by this class action if you deposited, invested, or contributed funds in, through, with or to CCI Canada Ltd., CCI Capital Corp., CCI Investments Inc., and/or Phoenix Financial Group Inc. and who were clients of, received advice from, were solicited by, or received representations from Jim Wilson, 1009863 Ontario Inc. (c.o.b. as Wilson Insurance and Financial Services) or 1545182 Ontario Inc., excluding the Defendants and their officers, directors, shareholders, employees, agents, partners and spouses and persons or entities who opt out of the Action (“Class Members”).
Who will be eligible to file a claim in this class action?
Pursuant to the Proposed Distribution Protocol, all Class Members (defined above) will be eligible to file a claim for their Eligible Investments.
Eligible Investments means the outstanding principle on funds deposited, invested, or contributed in, through, with or to CCI Canada Ltd., CCI Capital Corp., CCI Investments Inc., and/or Phoenix Financial Group Inc.
Only Eligible Investments are eligible for compensation. No other investments are eligible for compensation, even if those investments were made in, with, through, or with a different Defendant.
How will the claims process work?
Following approval of the Distribution Protocol, Class Counsel will mail Court-approved Claim Forms to all known Class Members, or persons who may be Class Members. All necessary details about the claims process and deadline will be provided along with the Claim Form.
What should I do to protect my rights?
To protect your rights, you should keep any documents evidencing your Eligible Investments.
Contact Class Counsel with any changes to your contact information by sending an email to [email protected] or call 1-800-461-6166.
I still have a question. Who should I contact?
If you have any other questions, please email [email protected] or call 1-800-461-6166.
Documents
- Notice of Distribution and Discontinuance of Class Proceeding [English] [French]
- Proposed Distribution Protocol [English] [French]
- Notice of Distribution and Discontinuance of Class Proceeding Approval Order, dated January 31, 2025 [English Only]
Settlements
- Niddrie and Associates Inc Settlement Approval Order, dated October 16, 2008
- IPO Capital Corp Settlement Approval Order, dated October 16, 2008
Certification