By Rosalind Russell – A lawsuit against former Laurentian University leaders has been settled with a $3M settlement over benefit fund depletion.
The proposed settlement is being presented to affected Laurentian employees at meetings throughout the rest of November with final court approval expected next month.
The lawsuit alleged several former directors and officers at the university allegedly misused and depleted the university’s retiree health benefit funds, leading to the cancellation when the institution went through the bankruptcy/insolvency process.
Of the $3M settlement, $300,000 will go to the legal counsel representing the Laurentian union.
Union staff will review the settlement on November 25th.
The former Laurentian presidents named include Robert Haché (2019-2022), Dominic Giroux (2009-2017) and Judith Woodsworth (2002-2008), along with former interim president Pierre Zundel (2017-2019), and former senior administrators Carol McCaulay and Lorella Hayes.
Also included are former board members Floyd Laughren, Michael Atkins, Jennifer Witty, Claude Lacroix, the chair of the LU’s board when it declared insolvency, Ian Wood and John Pollesel.
“The proposed settlement provides for a payment of $3 million by the insurer, the Canadian Universities Reciprocal Insurance Exchange (CURIE), in full and final resolution of the D&O [Directors & Officers] Claim, subject to court approval on December 17, 2025,” states the Laurentian University Faculty Association (LUFA) website.
The RHBP was terminated April 30, 2021, as part of Laurentian’s restructuring, but the institution was covered by an insurance policy for claims made against its officers, so the
If the settlement is approved by the court, the funds will be distributed to the current and former Laurentian employees on a prorated basis within 60 days of final court approval “according to each Settlement Class Member’s respective RHBP contributions,” said the document.
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