TORONTO - Home Capital Group (TSX:HCG) says it has reached an agreement to pay $29.5 million to settle Ontario Securities Commission and class-action lawsuit matters related to allegations of misleading disclosure.
The embattled alternative mortgage lender will pay $10 million to settle with the OSC and reimburse the provincial securities watchdog costs of $500,000.
Under terms of the proposed deal, Home Capital founder Gerald Soloway will pay an administrative penalty of $1 million and will be barred from acting as a director or officer of a public company for four years.
Former CFO Robert Morton and former CEO Martin Reid will each pay an administrative penalty of $500,000, and will be prohibited from acting as a director or officer of a public company for two years.
About $11 million of the payments being made to the OSC will go toward the $29.5-million, class-action settlement.
The settlements are subject to approval and each settlement is conditional upon the approval of the other.
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