CALGARY, Jan. 31, 2017 /CNW/ - Canadian Pacific Railway
Ltd. (CP or the Company) (TSX: CP) (NYSE:CP) announced that the
class action proceedings commenced in the Alberta Court of Queen's Bench (the Court) in
2005 (the Class Action), shall be dismissed pursuant to a
settlement reached between the parties (Settlement Agreement),
subject to Court approval.
Under the terms of the Settlement Agreement, CP will receive a
full and final release and dismissal of all claims and allegations
made in the Class Action. In exchange, CP will continue the
voluntary annual payments that CP has been making to some property
owners, such annual payments not to exceed $96,500.00 for to maximum period of ten (10)
years (the Settlement Amount).
Klym Law, Class Counsel, has, as
part of the Settlement, acknowledged that CP has, prior to the
commencement of these proceedings and on its own volition and cost
without compulsion by any Court or other authority, instituted
rigorous environmental remediation measures to remediate the
migration of trichloroethylene in the groundwater beneath the area
of the Class Description. The Settlement Agreement commits CP
to continue the voluntary remediation program that CP has already
implemented in consultation with applicable government and
regulatory authorities.
There is no admission of liability. CP has denied and
continues to deny any and all liability with respect to any of the
claims made in the Class Action. The settlement is being made to
avoid the burden and expense of further litigation and to allow CP
to conduct its business without the continuing encumbrance of the
lawsuit.
An application by the parties to the Court to approve the
Settlement Agreement is scheduled for March
17, 2017.
For more information on the Settlement of the Class Action,
visit www.calgarylitigation.com.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited, to the settlement of the Class Action. This
forward-looking information also includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward-looking information, including but not
limited to the following factors: the ability of the parties to
agree to the terms of a proposed transaction; the ability of the
parties to obtain the required regulatory approvals; the ability to
recognize the financial and operational benefits of the
transaction; changes in business strategies; general North American
and global economic, credit and business conditions; risks in
agricultural production such as weather conditions and insect
populations; the availability and price of energy commodities; the
effects of competition and pricing pressures; industry capacity;
shifts in market demand; changes in commodity prices; uncertainty
surrounding timing and volumes of commodities being shipped via CP;
inflation; changes in laws and regulations, including regulation of
rates; changes in taxes and tax rates; potential increases in
maintenance and operating costs; uncertainties of investigations,
proceedings or other types of claims and litigation; labour
disputes; risks and liabilities arising from derailments;
transportation of dangerous goods; timing of completion of capital
and maintenance projects; currency and interest rate fluctuations;
effects of changes in market conditions and discount rates on the
financial position of pension plans and investments; and various
events that could disrupt operations, including severe weather,
droughts, floods, avalanches and earthquakes as well as security
threats and governmental response to them, and technological
changes. The foregoing list of factors is not exhaustive.
These and other factors are detailed from time to time in
reports filed by CP with securities regulators in Canada and the United States. Reference
should be made to "Management's Discussion and Analysis" in CP's
annual and interim reports, Annual Information Form and Form 40-F.
Readers are cautioned not to place undue reliance on
forward-looking information. Forward-looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly
or otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway
in Canada and the United States with direct links to eight
major ports, including Vancouver
and Montreal, providing North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise.
Visit cpr.ca to see the rail advantages of Canadian
Pacific.
SOURCE Canadian Pacific