Scotiabank and Class Counsel Reach Agreement to Settle Overtime Class Action

TORONTO, ON --(Marketwired - July 24, 2014) - Scotiabank and the representative plaintiff Cindy Fulawka have reached an agreement to settle the Fulawka v. The Bank of Nova Scotia Overtime Class Action. A hearing for approval of the proposed settlement will take place on August 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 Advisor 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 August 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.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $792 billion (as at April 30, 2014), Scotiabank trades on the Toronto BNS and New York BNS Exchanges. Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com.


FOR FURTHER INFORMATION PLEASE CONTACT:

For media enquiries:
Diane Flanagan
Scotiabank
Email: diane.flanagan@scotiabank.com
(416) 933-2176