Former investors in Westar Group Ltd. have abandoned their attempt to launch a $500-million class action against Canadian Imperial Bank of Commerce and British Columbia billionaire Jimmy Pattison. Samos Investments Inc., a Victoria investment firm and the lead representative in the case, said the plaintiffs have terminated the suit after running out of money. "The plaintiffs expended $1.3-million in legal fees over a five-year period,'' said Samos chief executive officer and former Victoria mayor Peter Pollen. The suit stems from Mr. Pattison's creeping takeover of Westar Group, a coal terminal operator formerly known as the B.C. government's British Columbia Resources Investment Corp. The takeover spanned five years and was completed in 1997. The biggest assets of Westar and affiliate Westshore Terminals were tax loss pools worth more than $500-million. A Pattison Group spokesman yesterday declined to comment on the decision by Samos.
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