Legal Costs must be substantially shifted; No Brainer!

Dennis can you or MC answer me this would clear up alot of confusion on this matter for me and probably others as well Bro.

Dennis Can you answer Call of Duty Question?
Your withholding tax is correct Call of Duty.

Val Lighten up a bit, that is how the comment was sent, if you notice the LOL...

Can get a lecture from anyone at any time, don't need yours.

Thanks

D

I have retro going back almost 10 years.

scenario 1. 150,000.00 retro including top ups and interest.
30% withholding tax = 45,000.00.
7.5% legal fees what MC is asking for = 11,250.00.
total deductions = 56,250.00
In pocket=93,750.00
final settlement with Taxman?

Scenerio 2. 150,000.00 retro including top ups and Interest.
17.83 % legel fees, what MC is asking for = 26,745.00
30% withholding tax = 45,000.00
total deductions = 71,745.00
In pocket = 78,255.00
final settlement with taxman?

Dennis or MC please tell me which scenerio I am looking at with this proposal please.

Vall 2012 You need to email McInnes-Cooper your educated challenging approach needs lawyers to answer...
The simple fact we will be reduced 17.83% if approved and the plus withholding taxes of 30% plus at tax times an additional top up to Revenue Canada that will amount to a 55% to 65% discounted on the orginal claw back amount it varies base on your personal tax situation. God Help you if you dont have ways to reduce tax payable (rrsp,dtc etc)

dennismanuge wrote:You should have been a lawyer Steve...I mean that as a compliment

Denis - Let’s be serious and objective for a moment.

Nobody needs to be a lawyer to figure out what is going on.

It’s a class action lawsuit - All the Class members are equal and will be bound be the final judgement.

I have nothing wrong to give MC 65.6 Millions as long as it’s computed fairly on the full amount of the settlement and distributed across the full spectrum of the class at the same %.

Because right now - It’s not what is happening and some of us are getting screwed. I hope you understand that – The numbers speak from themselves.

It Is a class proceeding after all?

So Everyone of the class should pay the same % of legal fees - equally and would result at no more than 7.4% of the legal Fees for each of us.

Heres are the numbers provided in the settlment agreement:

Apply on the full amount of the settlment: 65.6 / 887.8 = 7.39%
Apply on a partial amount of the settlement: 65.6 / 424.3 = 15.46%
(does not include the bursary and other stuff.)

The rest of the remaining 463.5 Millions or so (Always approx.) Will return to only to a part of the class with a zero % of Legal fees. Is this fair ?

All MC Has to do is to apply the 65.6 Millions they want on the Full settlement money.

Cheers
Vall2012

P.S. Good work, by the way, for those long years invested in this lawsuit.

I think if we just speak up and mention our concerns its mentally healthy! The judge will do

right by Canadian Law. He has no choice but to follow the laws.

Lots of times the government budgets for stuff and the money is never spent ...i wouldnt be surprised if this doesnt come anywhere near 887 million ....that is why the firm wants the 17.83 up front...clear as a window!

My parents agree with you. They were pissed off that after doing so well in school, that i chose to join the Navy as an NCM, instead of going to Universtiy and becoming a doctor or lawyer. Maybe if I had listened to them, my body wouldn't be so screwed up now, lol.

You should have been a lawyer Steve...I mean that as a compliment

The problem with adding future money as part of the settlement, is the term "up to 887 million", it's claiming a best case scenario as if it's a factual number. It's like going into a store and looking at a sales rack that says all items "$9.99 and up", and then only one item on the rack is actually $9.99, and the rest are two to three times that amount. What happens if there are only 500 of the 1200 zero sum clients reinstated. That would mean that only 500 Veterans would get more than 24 months of retro, drastically reducing both the retro amounts and future payments, and therefor drastically reducing the governments liability. I can imagine it now, "Canadian Government Only Pays 400 million after Signing a Court Settlement with Disabled Veterans to pay them 887 Million". It might have been different if they had made reinstatement mandatory, but they didn't do that. So the settlement should have included the opportunity for everyone to get reinstated, and left out any fiscal speculation. It's not like SISIP is going to send this future money to the law firm to dispense, so anyone reinstated should simply be included in the books by SISIP when they ask for money from the TB.

all its 17.83% of your retro.

propat

Dennis,

On the leavenovetbehind website is a court approved notice. In it under the section "what are the propsed legal fees?" there is a sentence that clearly states "The propsed legal fee is 7.5% of the total value of the settlement when you include the value of the increased future benefits and the scholarship fund"

it also shows that $424.3 million is the amount of retroactive payments, 82.6 million in interest ... if that is the case then why are fee's being charged against $887.8 million (what is the rest of that money if not future amounts?)

Call of duty, I'ltry to make it clea if Ican. 7.5%

What is MC asking for 7.5% legal fees, on my Retro payments or 17.83% legal fees on my retro. now i am confused lol. when all said and done, and I get my retro will I owe 7.5% or 17.83%