Aimia reaches settlement agreement in Aeroplan expiry class action case

MONTREAL — Aimia says it has signed a deal to settle a class action case related to changes to its Aeroplan mileage expiry and accumulation rules.

Under the proposed terms of the agreement, Aimia will deposit a set amount of Aeroplan Miles into the accounts of eligible members.

The suit was filed after the loyalty rewards program announced changes to its mileage expiry rules in October 2006.

Aimia says the agreement is a positive resolution for members and stakeholders.

The settlement is subject to approval by Quebec Superior Court.

Aimia signed a tentative deal last week to sell the Aeroplan loyalty program to an Air Canada-led group, which includes TD Bank, CIBC and Visa Canada Corp.

Companies in this story: (TSX:AIM, TSX:AC, TSX:TD, TSX:CM)

The Canadian Press