At this time, we cannot determine the specific value of individual claims. Generally speaking, the value of your claim will depend on:
(a) the number and value of valid claims filed in the class action;
(b) your number of approved bundles;
(c) whether you previously received warranty benefits; and
(d) whether and when you experienced qualifying damage.Top
The settlement funds will be distributed in the following stages:
a) an initial payment to approved claimants who submitted a claim by the Initial Claim Deadline of April 11, 2018 (distribution anticipated to occur in Summer, 2019);
b) a final payment approximately one year after the final claim deadline (the final claim deadline is December 31, 2023); and
c) a residual payment at the completion of the claims process (assuming that there are sufficient residual funds available).
The settlement funds (plus interest, net of counsel fees, administration costs, and other expenses) will be divided equally as between the initial payment fund and final payment fund. If there are sufficient funds available after distribution of the initial payment fund and the final payment fund, there will be a further distribution of any residual funds.
The initial payment fund and final payment fund will be distributed proportionally based on the claim value of the individual Class Member’s claim as against the claim value of all approved claims. The exact amount to be paid to any individual Class Member will depend on the number of claims filed and the value of the claims, and will not be known until the end of the claims process.
The “claim value” will be based on the number of points assigned to the claim. Generally speaking, the number of points reflects whether the Class Member received warranty benefits and/or experienced Qualifying Damage. See the No 4 below for more information about how the claim value will be calculated.
Once the applicable deadline has passed and all claims have been assigned a point value, the point value will be converted into a dollar value for the purposes of issuing payments. The dollar value of each point will be determined by dividing the total amount of the initial payment fund or final payment fund, as applicable, by the total points awarded to all eligible Class Members who filed claims before the initial claim filing deadline or final claim filing deadline, as applicable. See FAQ#8 for more information about filing deadlines.
|For example, assuming the total amount of the initial payment fund is $1 million and the total points awarded to Class Members who filed claims before the initial deadline is 500,000, each point would be worth $2. Assuming a Class Member has 200 points, the related payment would be $400.|
In the event that the dollar value of each point in the final payment fund exceeds the dollar value of each point in the initial payment fund, the dollar value of the point in the final payment fund will be reduced to the value in the initial payment fund and the excess will be allocated to a residual payment fund for distribution to all eligible Class Members. For the purposes of distributing any residual payment fund, the dollar value of each point will be determined by dividing the total amount of the residual payment fund by the total points awarded to all eligible Class Members, and subject to a minimum payment of $20.
|For example, assuming the point value is $2 for the initial payment fund and $4 for the final payment fund, the final payment will be calculated at $2 per point, and the excess will be distributed to all eligible Class Members. At this stage, it is unknown whether there will be a residual payment. This will only be known after the claims process is complete.|
Subject to the maximum amounts disclosed in No. 4, eligible Class Members will be paid the dollar value of each point in cash or, where the Class Member so elects, a coupon for IKO fiberglass shingles (except that any residual payment will be in cash for all Class Members, including those who elect fiberglass coupons).
If the aggregate maximums disclosed in No. 4 are exceeded, the value of that aspect of the claim will be reduced on a proportional basis (i.e., based on the value of your claim in proration to the value of all claims).Top
For the purpose of determining claim value, Class Members will be divided into the following categories:
Category 1, 2 and 3 claimants will not receive warranty benefits or further warranty benefits but may be eligible for Settlement Benefits provided that they meet the Eligibility Criteria.
Category 4a claimants who did not sign a release will be provided with an extended period of time to sign the IKO Offer/Release in order to receive the warranty benefits provided for in the IKO Offer/Release. Any warranty benefits received will be in addition to any Settlement Benefits received. See FAQ#8 for the relevant deadline.
Category 4b claimants will not be required to elect between receiving warranty benefits and participating in the class action. Any warranty benefits received will be in addition to any Settlement Benefits received.Top
The “claim value” will be based on the number of points assigned to the claim. Generally speaking, the number of points reflects whether the Class Member received warranty benefits and/or experienced qualifying damage.
For the purposes of determining the claim value, the number of approved bundles will be based on the number of approved bundles provided in the IKO Offer/Release. For most types of IKO Organic Shingles, a bundle will typically cover 33 to 34 square feet of a roof.
The following chart sets out how the claim value will be calculated:
|Categorization of Class Members||Point Value||Explanatory Notes|
|Category 1||15 points per approved bundle||Claims are discounted to reflect that the class member did not experience Qualifying Damage.|
|Category 2||40 points per approved bundle|
|Category 3||2.5 points per approved bundle, to a maximum of $100 per eligible settlement claimant, to an aggregate maximum of $250,000||Claims are discounted to reflect the additional litigation risks associated with these claims. Had the action proceeded beyond a common issues trial, such Class Members would also have needed to establish that the signed release did not preclude their claims in the class action.|
|Category 4||25 points per approved bundle||The lower claim value relative to Category 2 reflects that Category 4 Class Members can receive warranty benefits in addition to their Settlement Benefits.|
|Interior Damage||Any additional claim value will be determined by assigning one-half (½) point for every $1.00 in repair or replacement costs in connection with Interior Damage to a maximum of $500 per eligible settlement claimant, and an aggregate maximum of $50,000 from each of the initial payment fund and final payment fund.|
“Approved bundle” means the number of bundles of IKO shingles offered in settlement of an IKO warranty claim as set out in an IKO Offer/Release.Top
Category 2 and 4 Claimants can apply for additional Settlement Benefits in relation to any uncompensated Interior Damage. Interior Damage means water damage requiring repair or replacement of materials below the roof deck (the plywood or similar material installed on the roof trusses), beyond repainting and/or drywall repair, as a result of a leak of water through the IKO Organic Shingles and roof deck.Top