Ithaca Energy Class Action Settlement Receives Court Approval

A class action lawsuit involving Ithaca Energy, now Ithaca Energy Limited, has reached a settlement approved by the Alberta Court of King's Bench. The case, initiated on May 26, 2015, accused Ithaca of misrepresentations concerning their offshore oil and gas operations, specifically related to modifications in the FPF-1 production facility and revenue projections.

The settlement agreement, finalized without Ithaca admitting liability, entails a payment of CAD $9 million by the company's insurers. This amount will be allocated to class members after deducting legal fees and expenses.

Eligible class members must file a claim by January 5, 2026, to partake in the settlement. Further details about the claim process can be found on Berger Montague's website or by contacting the appointed administrators directly.