What is the apparent value of a settlement agreement?

The decision approving the Settlement Agreement recognized there was some apparent value and benefit to class members. As observed by Nordheimer J. in Gariepy v. Shell Oil Co., [2003] O.J. No. 2490 (S.C.), at para. 19, the decision approving a settlement agreement makes prospective findings in respect of the apparent value of the settlement to the class. The appropriate measure of the value only becomes known when the take-up is known: If actual experience shows that the class members did not avail themselves of the settlement then it may be that, notwithstanding the apparent value of the settlement, its actual value differs. Having said that, such a conclusion does not mean that the settlement is valueless nor does it mean that such concerns would lead to no fees being paid to class counsel. Rather, what this issue goes to is the level of premium or “multiplier” that it is appropriate to approve.