Buying CAE Inc. shares between August 2022 and May 2024 is only half the test in the $38.25 million CAD CAE shareholder settlement: you also had to still own some of them at some point between February 14 and May 22, 2024. Shareholders who meet both conditions can file now, ahead of a December 22, 2026 approval hearing in Montréal, and have until March 22, 2027. Every claim needs photo ID and brokerage records.
Status: Authorized for settlement August 26, 2026; approval hearing December 22, 2026 | Claim deadline March 22, 2027 | Opt out or object by December 1, 2026 | Pro rata share of $38.25 million CAD
The Two-Part Eligibility Test
The class is everyone who:
- bought one or more CAE common shares between August 10, 2022 and May 21, 2024, inclusive; and
- still held some or all of those shares at any time between February 14, 2024 and May 22, 2024, inclusive.
A purchase in the class period that was fully sold before February 14, 2024 does not qualify. The settlement agreement defines the eligible shares as CAE common shares listed on the Toronto Stock Exchange and the New York Stock Exchange, and the class definition has no residency requirement, so U.S. investors who bought on the NYSE are covered on the same terms.
Excluded are the defendants, CAE’s past and current executive officers and directors and those of its subsidiaries, the individual defendants’ immediate families, and entities any of them control. Anyone with their own lawsuit against the defendants over the same facts who does not discontinue it by December 1, 2026 is treated as having opted out.
What CAE Is Accused Of
CAE, the Montréal-based maker of flight simulators and provider of pilot training, was sued in June 2024 along with its former chief executive and chief financial officer. The case is Mouvement d’éducation et de défense des actionnaires v. CAE inc. et al., No. 500-06-001312-244, in the Superior Court of Québec.
The lawsuit alleges that public documents and statements contained misrepresentations and failed to disclose material changes, including about eight fixed-price contracts in CAE’s defence and security business that the plaintiff says weighed disproportionately on that segment’s profitability. It alleges that shares bought after August 10, 2022 traded at an inflated price until corrective information came out on May 21, 2024. The defendants deny all of the allegations and any liability, and no court has found them liable. The parties settled to avoid the delays and risks of further litigation and a trial.
How Payments Are Calculated
There is no fixed amount per share. After court-approved class counsel fees and administration expenses, the rest of the $38.25 million CAD is divided among approved claimants in proportion to each one’s compensable loss. Class counsel, Scott+Scott CA ULC and Belleau Lapointe LLP, will ask for up to 25% of the fund, plus disbursements and applicable taxes, all paid from the settlement amount.
Compensable loss follows the guidelines in the Québec Securities Act. The calculation considers how many CAE shares you held on August 9, 2022, what you bought during the class period, and whether those shares were sold during the class period, sold in the ten trading days after it, or still held — along with the prices paid and received. Sections 5 to 13 of the plan of allocation set out the full method.
Some claimants will come out at zero. A calculated payment under $15 is not paid and is redistributed to other claimants. A claim found to be fraudulent is also paid nothing.
| Payment method | Canadian dollars, by cheque or Interac e-Transfer; corporate claimants receive cheques |
| Cheques | Go stale six months after issue |
| e-Transfers | Valid for 30 days |
CAE pays up to $5 million CAD through its insurance deductible, reduced by its defence costs, and its insurers pay the rest. None of the money returns to the defendants. If a second distribution is not practical, leftover funds go to Québec’s Fonds d’aide aux actions collectives and to a court-approved recipient expected to benefit class members.
Documents Every Claim Needs
No notice ID is involved, but documentation is mandatory:
- Identity: a copy of a currently valid government-issued photo ID, front and back, such as a driver’s licence, health insurance card or passport.
- Authority, if filing for someone else: for example a corporate authorization or a representative authorization from the plan of allocation.
- Share records: a monthly statement showing the CAE shares you owned at market close on August 9, 2022, plus either all trade confirmations or all monthly statements covering CAE transactions from August 10, 2022 through June 5, 2024.
The administrator can ask for more if it cannot verify a claim, and a claim whose deficiencies are not fixed is rejected.
Key Dates
| December 1, 2026 | Deadline to opt out or to object to the settlement, the plan of allocation or the fee request. An opt-out form must come with trade confirmations or monthly statements for CAE transactions during the class period. |
| December 22, 2026 | Approval hearing, room 15.02, Montréal courthouse. The long-form notice says 9:15 a.m. ET; the settlement website’s home page says 9:30 a.m. It may also be held by videoconference. |
| March 22, 2027 | Claim deadline, online or by mail, with all supporting documents. |
The sources give no time of day for the opt-out, objection or claim deadlines.
Filing
Claims are filed through the CAE settlement claim portal, run by the court-appointed administrator, Verita Global. The official CAE Securities Settlement website posts the notice, settlement agreement, plan of allocation and opt-out form on its Important Documents page, and a French-language site carries the same information. People who cannot file online can request a paper claim form from the administrator; the same documents are required either way.
After the Hearing
On December 22 the court will decide whether the settlement is fair, reasonable and in the best interests of class members, and whether to approve the plan of allocation, administration expenses and class counsel’s fees. If it is approved, claims are reviewed after the March 22, 2027 deadline. A complete claim that is disallowed can be appealed to a court-appointed arbitrator within 15 days of the decision notice; an admissible appeal carries a $100 fee, refunded if the appeal succeeds, and the arbitrator’s decision is final.
The notice says distribution will likely come several months after approval and that the whole process can take about a year or longer. If the settlement is not approved, claimants will be notified and the case will continue. The CAE securities settlement page on OpenClassActions.com will note the court’s ruling.
Frequently Asked Questions
Do CAE shares bought on the New York Stock Exchange count?
Yes. The settlement agreement covers CAE common shares listed on the Toronto Stock Exchange and the New York Stock Exchange, and the class definition has no residency requirement.
I sold all my CAE shares in January 2024. Am I included?
No. Class members must have bought during August 10, 2022 to May 21, 2024 and still held some of those shares at any time between February 14 and May 22, 2024.
How much will the CAE settlement pay?
There is no fixed per-share amount. The fund after fees and expenses is divided by each claimant’s compensable loss under the Quebec Securities Act guidelines. Calculated payments under $15 are not paid out.
What documents do I need?
A copy of valid government photo ID, front and back, a monthly statement showing CAE shares held on August 9, 2022, and all trade confirmations or monthly statements for CAE transactions from August 10, 2022 through June 5, 2024.
Can I file before the settlement is approved?
Yes. Claims can be submitted now, but the administrator will not review claims or make payments unless the court approves the settlement.
Can a rejected claim be appealed?
A complete, timely claim that is disallowed can be appealed to a court-appointed arbitrator within 15 days of the decision notice. An admissible appeal costs $100, refunded if it succeeds, and the arbitrator’s decision is final.
Sources
- Official settlement website, FAQ and Important Documents (long-form notice, settlement agreement, plan of allocation) — CAE Securities Settlement, administered by Verita Global.
- Settlement Agreement dated July 31, 2026, Mouvement d’éducation et de défense des actionnaires v. CAE inc. et al., No. 500-06-001312-244, Superior Court of Québec, District of Montréal.
- OpenClassActions.com — CAE Securities Class Action Settlement.
Source and credit: the settlement terms, deadlines and benefit details described above are drawn from our sister site’s reporting — OpenClassActions.com: CAE Securities Class Action Settlement — $38.25 Million CAD — which tracks this case against the court-approved notice and the official settlement website and is updated as the court rules.
Legal Disclaimer
This article is for informational purposes only and is not legal advice. OpenClassActions.org is a consumer news site, not a law firm and not the settlement administrator, and is not affiliated with any party to the case described. The allegations are allegations; unless a court has ruled, the defendants deny wrongdoing and no court has decided the merits. Deadlines, benefit amounts and payment timing can change as the court and the administrator act, so confirm current status on the official settlement website. You never need to pay anyone to file a claim or to receive a settlement payment.