Today, the City of Winnipeg’s external legal counsel received a payment in trust in the amount of $28 million from the Caspian defendants in satisfaction of the outstanding judgment. These funds are subject to trust conditions, which must be satisfied in order for the funds to be released to the City.
Assuming the trust conditions are resolved in the next few days, this payment will represent the last of several made to the City in the last few years totalling approximately $29.67 million.
“Nearly $30 million has now been recovered for Winnipeg taxpayers, which is a major win for our city,” said Mayor Scott Gillingham. “This outcome shows that pursuing this matter was the right call. I want to thank the City’s legal team and staff across the organization who worked for years to see this through. Their persistence delivered real results for Winnipeggers.”