News Release Archive
NATURAL RESOURCES--SETTLEMENT REACHED ----------------------------------------------------------------- In March of 1995, Jim Livingstone commenced an action against Donald Downe, Robert MacKay, Nova Scotia Resources Ltd. and the Province of Nova Scotia for damages arising out of his termination in February 1995 as president and chief executive officer of Nova Scotia Resources Ltd. The amount of Mr. Livingstone's claim was $1.4 million. The defendants disputed all claims. During the conduct of discoveries in the litigation the parties have agreed to a settlement which provides for payment to Mr. Livingstone by Nova Scotia Resources Ltd. of $500,000. The settlement is the result of a risk assessment by both sides of the prospects after trial and the costs of the proceeding. It does not include an admission of liability by the defendants. Contents of this press release have been approved by both sides in the lawsuit. -30- Contact: Blain Henshaw 902-424-5252 jlw Sept. 11, 1996 5:30 p.m.