{"settlement":{"id":"dri-healthcare-trust-securities-2026","slug":"dri-healthcare-trust-securities-2026","title":"DRI Healthcare Trust Securities Class Action","category":"Investment and Securities","status":"Claims not yet open","tags":{"industry":["Securities and investments"],"geographic":["Canada-wide"],"recoveryType":["Cash payment","Investment recovery"],"documentation":["Account records required"],"eligibilityTrigger":["Owned a security or investment"]},"classDefinition":"All persons and entities that acquired DRI Healthcare Trust securities from February 11, 2021 at 9:30 a.m. ET to August 6, 2024 at 5:38 p.m. ET, and held them either through the open of trading on July 8, 2024 or until the end of that period. DRI Healthcare Trust, Persis Capital Inc. (formerly DRI Capital Inc.), the individual defendants, their officers, directors, senior employees, family members, and entities they control are excluded.","plainLanguageSummary":"If you bought DRI Healthcare Trust units between February 11, 2021 and August 6, 2024 and still held them on July 8, 2024 or at the end of August 6, 2024, you may be eligible for a share of a proposed C$8 million settlement if the court approves it.","eligibilityCriteria":["You bought or otherwise acquired DRI Healthcare Trust securities between February 11, 2021 at 9:30 a.m. ET and August 6, 2024 at 5:38 p.m. ET.","You still held those securities at the open of trading on July 8, 2024, or at the end of the class period on August 6, 2024 at 5:38 p.m. ET.","You are not DRI Healthcare Trust, Persis Capital Inc. (formerly DRI Capital Inc.), one of their officers, directors, senior employees, or affiliates, one of the individual defendants, a family member of any of them, or an entity any of them controls."],"recoveryRange":"Share of the C$8 million settlement (after fees and costs), based on a formula that uses your losses on eligible units and when you bought them; payments below $50 are not made.","filingInstructions":"","caseBackground":"This class action was brought in the Ontario Superior Court of Justice on behalf of investors in DRI Healthcare Trust. The plaintiff, Andrea Reid, alleged that the Trust's public disclosures misrepresented improperly charged expenses directed by its CEO, Behzad Khosrowshahi, and that investors lost money when the truth came out in press releases on July 8, 2024 and August 6, 2024. The defendants deny all of the allegations.\n\nOn January 31, 2026, the plaintiff and Persis Capital Inc. (formerly DRI Capital Inc.) signed a C$8 million settlement, which is a compromise and not an admission of wrongdoing. The court certified the case for settlement purposes on May 22, 2026, and a hearing to approve the settlement, the plan for dividing the money, and class counsel's fees was held on September 22, 2026. Claims can only be filed if the court approves the settlement.","administratorName":"","administratorContacts":[],"agentName":"","agentContacts":[],"agentClaimFormHelp":false,"classCounselName":"Kalloghlian Myers LLP","classCounselContacts":[{"type":"email","label":"","value":"dri@kalloghlianmyers.com"},{"type":"mail","label":"","value":"Kalloghlian Myers LLP, 35 Prince Arthur Avenue, Toronto, ON M5R 1B2"},{"type":"online","label":"","value":"https://www.kalloghlianmyers.com/dri"}],"classCounselFirms":[{"name":"Kalloghlian Myers LLP","region":"","contacts":[{"type":"email","label":"","value":"dri@kalloghlianmyers.com"},{"type":"mail","label":"","value":"Kalloghlian Myers LLP, 35 Prince Arthur Avenue, Toronto, ON M5R 1B2"},{"type":"online","label":"","value":"https://www.kalloghlianmyers.com/dri"}]}],"submissionMethods":[],"sourceDocuments":[{"url":"/uploads/4aa8d74db80f71c23f293567-DRI---Long-Form-First-Supplemental-Notice-Opt-Out-Form.pdf","title":"Notice to Class Members"},{"url":"/uploads/43d8074df95bef9f95add74f-DRI---Distribution-Protocol-2026.8.11.pdf","title":"Distribution Protocol"},{"url":"/uploads/c22180ad7b314ee521168fc3-DRI-Kalloghlian-Myers-Updated-Notice.pdf","title":"Class Counsel Case Page | Updated Notice (captured Sept 26, 2026)"}],"shortFormNoticeUrl":"","longFormNoticeUrl":"/uploads/4aa8d74db80f71c23f293567-DRI---Long-Form-First-Supplemental-Notice-Opt-Out-Form.pdf","settlementAgreementUrl":"","claimFormDocumentUrl":"","claimForms":[],"claimFormsButtonLabel":"claim-form","claimFormsUnavailable":false,"claimFormsUnavailableReason":"","claimFormGuides":[],"additionalDocuments":[{"id":"b7148280c445","title":"Proposed Settlement Agreement","url":"/uploads/f7859bab574a3ca6521ad339-Proposed-Settlement-Agreement.pdf"}],"optOutFormUrl":"","optOutInstructions":"To opt out, class members had to complete, sign, and return the Opt-Out Form (Appendix A to the long form notice) to class counsel, Kalloghlian Myers LLP, by email at dri@kalloghlianmyers.com or by mail or courier to 35 Prince Arthur Avenue, Toronto, ON M5R 1B2. The form had to be postmarked or received by August 18, 2026.","objectionFormUrl":"","objectionInstructions":"The objection deadline has passed. Class members could comment on or object to the settlement, class counsel's fees, the plaintiff's honorarium, or the distribution protocol by sending a written submission by email, mail, or courier to Serge Kalloghlian at Kalloghlian Myers LLP (dri@kalloghlianmyers.com, or 35 Prince Arthur Avenue, Toronto, ON M5R 1B2), postmarked or received by September 1, 2026. Class members could attend the approval hearing whether or not they objected, and could hire a lawyer at their own expense to speak for them.","faqs":[{"answer":"The settlement is a proposal that needs court approval. The Ontario Superior Court of Justice was scheduled to hear the approval motion on September 22, 2026 at 10:00 a.m. by videoconference, and the documents do not say what the court decided. Check class counsel's page at https://www.kalloghlianmyers.com/dri for updates.","question":"What stage is this settlement at?"},{"answer":"The settlement is C$8 million. Class counsel's fees (not more than 33.3% plus expenses and taxes), a 10% levy to the Class Proceedings Fund, a plaintiff honorarium of $2,000 maximum, and administration costs come out first, and the rest is shared among eligible claimants based on their calculated trading losses, with purchases in some periods weighted less than others. Anyone whose share would be less than $50 does not receive a payment.","question":"How much money could I receive?"},{"answer":"If the settlement is approved, the administrator will open an online claim portal, and people who cannot file online can send a paper claim form by mail to an address to be posted on the settlement website. The claim deadline will be 180 days after notice of the court's approval orders first starts going out to class members. The administrator may accept late claims only if doing so will not materially delay payments.","question":"How and when will I file a claim?"},{"answer":"You will need to give the dates, quantities, and prices of all your DRI unit purchases and sales during the class period and afterward, along with documents such as brokerage account statements or trade confirmations. If your claim is refused, you can ask the administrator to reconsider within 45 days of the refusal notice.","question":"What proof will I need?"},{"answer":"No. The deadline to opt out was August 18, 2026, and the deadline to object was September 1, 2026, and both have passed. If you did not opt out, you remain in the class and will be bound by the settlement if it is approved.","question":"Can I still opt out or object?"}],"eligibilityChecker":{"questions":[{"id":"acquired-dri-securities","text":"Did you buy or otherwise acquire DRI Healthcare Trust securities between February 11, 2021 at 9:30 a.m. ET and August 6, 2024 at 5:38 p.m. ET?","type":"yes_no","helpText":"DRI Healthcare Trust securities include its units bought on the market or in its initial public offering.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"held-securities","text":"Did you still hold those securities at the open of trading on July 8, 2024, or at the end of the class period on August 6, 2024 at 5:38 p.m. ET?","type":"yes_no","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"excluded-person","text":"Are you DRI Healthcare Trust, Persis Capital Inc. (formerly DRI Capital Inc.), one of their officers, directors, senior employees, or affiliates, one of the individual defendants, a family member of any of them, or an entity any of them controls?","type":"yes_no","helpText":"Family members include spouses, parents, children, siblings, grandparents, grandchildren, aunts, uncles, nieces, nephews, cousins, and other relatives by blood, marriage, or adoption.","qualifyingAnswer":"no","criticalForEligibility":true}],"uncertainMessage":"Some of your answers were Not sure, so we could not confidently determine your eligibility.","qualifyingMessage":"Based on your answers, you appear to fall within the class definition for this settlement.","nonQualifyingMessage":"Based on your answers, you do not appear to fall within the class definition for this settlement."},"claimCategories":[],"proceedings":null,"relatedSlugs":[],"group":null,"cardSummary":"For investors who bought DRI Healthcare Trust units between February 2021 and August 2024 and still held them on July 8, 2024 or August 6, 2024. The C$8 million settlement is awaiting court approval.","proofRequired":"","claimTime":"","claimAmount":"","coverageStartDate":"2021-02-11","coverageEndDate":"2024-08-06","deadline":"","optOutDeadline":"2026-08-18","objectionDeadline":"2026-09-01","approvalHearingDate":"2026-09-22","approvalHearingDates":[{"date":"2026-09-22","label":""}],"approvalPending":false,"seriousHarmEnabled":false,"dateAdded":"2026-09-26","lastUpdated":"2026-09-26","firstPublishedAt":"2026-09-26 23:09:19","claimsOpenedAt":null,"lastVerifiedAt":"2026-09-26","languages":["en","fr"]}}