If you owned Just Energy shares before the company’s August 2019 restatement, you may be entitled to money from the Just Energy settlement, and the deadline to file a claim is June 17, 2026. The Ontario Superior Court of Justice approved a combined recovery of US$25 million and C$1.5 million on November 5, 2025, resolving shareholder allegations that the company overstated its financial health. Claims go to the court-appointed administrator, Verita Global, LLC.
Who Qualifies
The settlement class covers all persons and entities who acquired Just Energy securities between May 16, 2018 and August 14, 2019, and who still held some or all of those securities at the close of trading on either July 22, 2019 or August 14, 2019. Both dates matter: if you sold everything before July 22, 2019, you are outside the class even if you bought during the class period.
Two categories of securities are covered:
- Just Energy common shares, formerly listed as “JE” on the Toronto Stock Exchange and the New York Stock Exchange.
- The company’s 8.50% Series A preferred shares, formerly listed as “JE.PR.U” on the TSX and “JE.PR.A” on the NYSE.
The defendants, their immediate families, and Just Energy’s and Ernst & Young’s subsidiaries, affiliates, officers, directors, senior employees, partners, and related entities are excluded from the class.
How to File Your Claim
Claim forms and the supporting documents, including the full settlement agreement and distribution protocol, are posted at www.JustEnergySettlement.com. Completed claims must reach Verita Global by June 17, 2026. You can also contact the administrator by phone at 1-866-644-0550 or by email at info@justenergysettlement.com.
Have your trade confirmations or brokerage statements ready. The distribution protocol determines how much each valid claim receives out of the net settlement fund after fees and expenses.
What the Settlement Pays
Two separate settlements make up the recovery. Ernst & Young LLP, Just Energy’s outside auditor during the class period, agreed to pay C$1.5 million; the court approved that settlement on October 31, 2023. Insurers for Just Energy later agreed to pay US$25 million to settle the remaining claims against the company and its former officers, and the court approved that settlement on November 5, 2025. Neither Just Energy, its former officers, nor EY admitted liability or wrongdoing.
Class counsel from Siskinds LLP, Berger Montague (Canada) PC, and the Rosen Law Firm sought approval for legal fees of up to 30 percent of the US$25 million fund, plus honoraria of C$5,000 for each representative plaintiff. Those amounts come out of the fund before distributions to class members.
What the Lawsuit Alleged
The case, styled Gilchrist v. Just Energy, was filed in the Ontario Superior Court of Justice. Shareholders alleged that between May 16, 2018 and August 14, 2019, Just Energy’s public disclosures contained material misrepresentations under Ontario’s Securities Act. According to the complaint, the company failed to disclose customer enrollment and nonpayment problems, the likelihood of a significant impairment charge to its accounts receivable, and a lack of adequate internal controls over financial reporting. In August 2019, Just Energy restated its financials, revealing that it had overstated accounts receivable and understated its allowance for doubtful accounts during the class period.
Two individual defendants were named alongside the company: Patrick McCullough, the CEO from April 2018, and James Brown, who became CFO the same month.
Why the Bankruptcy Doesn’t Block Payment
Just Energy sought protection under Canada’s Companies’ Creditors Arrangement Act on March 9, 2021, and simultaneously filed for Chapter 15 recognition in the U.S. Bankruptcy Court for the Southern District of Texas. A restructuring closed in December 2022 with PIMCO acquiring the business, and the monitor reported that general unsecured creditors received no recovery.
The securities settlement is different because it is funded by Just Energy’s insurers, not by the company’s estate. That is why it proceeded separately from the insolvency and why money is available for eligible shareholders to claim.