Wirick claims update

The Law Society’s Special Compensation Fund Committee has now considered all of the claims related to Martin Wirick’s misappropriations. Only 23 claims that were adjourned after initial review remain. The adjourned claims are worth $696,000.

 

Wirick Special Compensation Fund Claims to April 11, 2007

Total number of claims received to date

556

Total number of claims withdrawn

60

Total amount claimed (minus withdrawn claims)

$75 m

Number of claims considered to date

496

Total value of claims considered (including adjourned claims)

$75 m

Amount of compensation approved*

$42.1 m

Number of claims adjourned after initial review

23

Value of adjourned claims

$696,000

Value of claims still to be decided

$696,000

*Not all claims need to be compensated in order to restore the claimants to the position they should have been in had Wirick honoured his undertakings. For example, a homeowner who discovered Wirick failed to discharge a $100,000 mortgage would claim compensation in that amount as would the financial institution that funded the loan and the homeowner’s own mortgage lender. The result would be three claims totalling $300,000, but only one has to be paid to restore the parties to the positions they had bargained for.