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Arctic Glacier Income Fund Reaches $12.5M Settlement

Winnipeg, MAN: Arctic Glacier Income Fund (TSX:AG.UN) has reached an agreement to settle a class action filed by direct purchasers of packaged ice against Arctic Glacier International Inc., the Fund's U.S. operating subsidiary, alleging antitrust law violations.

The agreement, which is subject to approval by U.S. District Court, provides for the subsidiary to pay a settlement totalling US$12.5 million in two instalments. The first instalment of US$2.5 million will be paid on the later of July 15, 2011 or the date that falls 15 days after receiving preliminary court approval, with the remaining instalment of US$10.0 million payable on the later of November 1, 2011 or the date that falls 30 days after final court approval.

Direct purchaser class actions were filed in several states, but they were transferred and consolidated for pretrial proceedings in the U.S. District Court for the Eastern District of Michigan. Similar class actions were filed against Home City Ice Co. of Cincinnati and Reddy Ice Holdings, Inc. of Dallas. Home City executed a settlement agreement with the direct purchasers on October 30, 2009.

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Last updated on Mar-31-11