[news] PRESS RELEASE: Class Action Lawsuit against Bid Corp & ICBC

[Bella]

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Nov. 30th, 2002
FOR IMMEDIATE RELEASE:

Class Action Lawsuit launched against the 2010 Vancouver-Whistler Olympic 
Bid Corporation (Bid Corp.) and Insurance Corporation of British Columbia 
(ICBC) for illegal financial transaction.

Writ of Summons and Statement of Claim will be filed at 9am, Mon., Dec. 
2nd, 2002 at the Supreme Court of British Columbia, in Vancouver.

PRESS CONFERENCE WITH THE PLAINTIFFS:

9am, Mon., Dec. 2nd in the lobby of CKNW AM Radio Station, #2000-700 West 
Georgia St., Vancouver.

THE CLAIMS OF THE LAWSUIT INCLUDE:

- ICBC paid to the 2010 Bid Corporation the sum of $1.8 million, on or 
about Jan. 1, 2001.

- The payment by ICBC to the Bid Corp. is outside the powers granted to 
ICBC by the Insurance Corporation Act and is thus an illegal transaction.

- The directors of the Bid Corp. knew or ought to have known that the 
transaction was illegal and that they were participating in an illegal 
activity.


THE PLAINTIFFS’ DEMAND:

- That ICBC take steps to recover the $1.8 million plus interest on behalf

of its rate-payers/shareholders, the citizens of BC.

- That the Bid Corp. repay this sum to ICBC immediately.


BACKGROUND INFORMATION AND FUTURE ACTIONS:

These financial dealings follow previous revelations of back room 
negotiations with various First Nations and municipal organizations for 
land, resource and financial considerations in return for support for the 
Bid.

Crown Corporations including BC Hydro, BC Lotteries, Canada Post and any 
others that have made similar contributions to the Bid Corp. may be the 
subjects of additional class action lawsuits brought on behalf of the 
people of BC.


FOR MORE INFORMATION, CONTACT:

Lawrence Pierce, Pierce Law Group
(604) 681-4434

Plaintiffs:

Charles Gould
(604) 329-8378 (cell)

Christopher Shaw
(604) 924-1467 (h)
(604) 875-4111 x 68373 (w)


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