Home Capital Group 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. 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.

Source: CBC News June 15, 2017 01:18 UTC