Ms. Diane Flanagan reports

SCOTIABANK AND CLASS COUNSEL REACH AGREEMENT TO SETTLE OVERTIME CLASS ACTION

Bank of Nova Scotia and representative plaintiff Cindy Fulawka have reached an agreement to settle the Fulawka versus Bank of Nova Scotia overtime class action. A hearing for approval of the proposed settlement will take place on Aug. 12. The class action was commenced against the bank in December, 2007, on behalf of certain full-time retail branch bank employees in Canada who held the positions of personal banking officer, senior personal banking officer, financial adviser or account manager small business. Scotiabank is participating in the settlement proposal to reinforce its long-standing commitment to pay employees for their overtime work or provide time in lieu. The bank is confident that its employee policies, including on overtime, have been applied fairly and consistently. The basis of the settlement, which is subject to approval on Aug. 12, is a claims process. If the settlement is approved, the bank will encourage and invite all eligible class members to make claims for any overtime that was worked but not previously compensated during the claim period identified in the class action.