Banking, Bankruptcy & Insolvency
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October 22, 2024
B.C. Court of Appeal upholds misconduct finding against lawyer in foreclosure case
The B.C. Court of Appeal has upheld a professional misconduct finding against a veteran Vancouver lawyer who failed to make inquiries when he should reasonably have been suspicious that his client was, or might be, involved in illegal activities.
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October 18, 2024
Three tobacco majors near $32.5B arrangement to end Canada lawsuits
A proposed plan of compromise and arrangement could see three major tobacco companies pay $32.5 billion, including $24.73 billion to Canadian provinces and territories, as well as $6.64 billion to victims of smoking-related illnesses, to settle all tobacco-related claims against them in Canada.
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October 17, 2024
Ottawa seeks feedback on ‘potential’ new tools for ‘robust enforcement’ of forced labour import ban
The federal government has launched public consultations on substantial new “tools” to boost enforcement of Canada’s import prohibition on goods made with forced labour, which came into force in July 2020.
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October 15, 2024
OSFI: Pension plan solvency ratios, share of fully funded pension plans up in 2023-24
The share of underfunded pension plans in Canada at the end of 2023 fell to 11 per cent from 17 per cent in 2022 as the average solvency position of pension plans improved for a third consecutive year, according to the annual report of the Office of the Superintendent of Financial Institutions (OSFI).
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October 11, 2024
SCC sheds new light on corporate attribution rules, applies them for first time to bankruptcy cases
The Supreme Court of Canada has for the first time applied the common law corporate attribution doctrine in the bankruptcy and insolvency context while also instructing that the corporate attribution rules are not rigid and must be adapted in varied legal contexts to “purposively, contextually and pragmatically” give effect to the policy goals of the law under which a party seeks to attribute to a corporation the actions, knowledge, state of mind or intent of its directing mind.
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October 11, 2024
FINTRAC updates mortgage sector and correspondent banking relationship guidance
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), an intelligence unit and anti-money laundering and anti-terrorist financing supervisor, has updated regulatory amendments that come into force on Oct. 11.
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October 11, 2024
ACTS OF BANKRUPTCY - Fraudulent preferences, conveyances or transactions
Appeal by appellants from a judgment of the Ontario Court of Appeal which affirmed in part a judgment of the Ontario Superior Court. Golden Oaks Enterprises Inc. ("Golden Oaks") founded by Lacasse was a Ponzi scheme. The scheme eventually collapsed and both Golden Oaks and Lacasse went into receivership and made assignments in bankruptcy.
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October 10, 2024
Proposed $70M settlement reached in TD mutual funds class action
Class actions specialist Siskinds LLP has announced that a $70.25 million settlement has been reached with TD Asset Management Inc. to resolve claims of investors who held units of a TD mutual fund trust through a discount broker. It is one of seven similar actions that Siskinds has launched challenging these types of payments to brokers.
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October 10, 2024
OSC proposes enhancing retail investors’ access to long-term illiquid assets
The Ontario Securities Commission (OSC) is seeking public comment on a proposal to permit retail investors to gain exposure to long-term illiquid assets through a new investment fund category.
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October 10, 2024
New partner joins Bennet Jones Montreal
Mahnaz Jan Ali has joined the Montreal office of Bennett Jones LLP as a partner, a recent news release from the firm announced.