Banking, Bankruptcy & Insolvency
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July 16, 2024
Fines for investment and mutual fund dealers declined sharply in 2023-24, regulator reports
Canada’s industry watchdog for investment dealers and mutual fund dealers handed out about $14.4 million in fines, cost orders and disgorgement orders during the 2023-24 fiscal year, in addition to suspending 24 dealers and permanently barring or suspending 15.
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July 11, 2024
Proposed OSC rule details new process for returning money to securities fraud victims
Canada’s largest provincial securities regulator is floating a proposed new process for returning money to investors affected by securities fraud, but one lawyer questions how effective it will be in aiding fraud victims.
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July 11, 2024
New associate joins Polley Faith
A recent news release announced the addition of Alexia Parente as an associate at the litigation firm, Polley Faith LLP.
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July 08, 2024
B.C. Court of Appeal upholds Privacy Act claims against Capital One in certifying class action
The B.C. Court of Appeal has upheld the certification of a class action against financial services giant Capital One over a 2019 data breach that affected six million Canadians, ruling that it was not plain and obvious that Privacy Act claims against the company as a data custodian were bound to fail.
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July 08, 2024
Manitoba regulator running mental wellness challenge for lawyers
The new president of Manitoba’s law society is hoping an ongoing “wellness challenge” for lawyers will put them on the path to minding their mental health while at work. The Law Society of Manitoba’s (LSM) Wellness Challenge 2024, the first of its kind by the regulator, is a voluntary project where participants engage in various wellness activities over an eight-week period. The activities, grouped into two-week slots, began June 17 and will run through to Aug. 9.
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July 05, 2024
Superintendent of Financial Institutions delays increase in capital floor by a year
The federal Office of the Superintendent of Financial Institutions (OSFI) has delayed a mandatory increase in the capital floor for big banks by one year as some economists and financial institutions push back against the move.
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July 05, 2024
SCC-bound case challenges refusal to publicly disclose court records revealing civil case delays
Does the principle of judicial independence enable judicial leaders to veto, in their absolute discretion, the public release of court records that reveal the extent of civil trial delays in the courts they administer? Absent transparency about courts’ operational performance, is the judicial branch of government sufficiently accountable to the public for its role in managing the courts?
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July 05, 2024
New chief legal officer & corporate secretary for Business Development Bank of Canada
President and CEO of Business Development Bank of Canada (BDC) Isabelle Hudon announced in a July 4 news release the appointment of Maxime Laverdière as the new chief legal office and corporate secretary of the BDC.
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June 28, 2024
SCC settles confusion in tax disputes about jurisdictional boundaries of Federal and Tax Courts
In judgments that clarify the jurisdictional boundaries between the Federal Court and the Tax Court in tax disputes, the Supreme Court of Canada has rejected separate appeals by two Canadian companies who challenged how their taxes were assessed by the Canada Revenue Agency (CRA).
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June 28, 2024
Appeal court finds insurer not liable to cover legal costs of fraudsters, citing misrepresentation
The Ontario Court of Appeal has ruled that two individuals facing lawsuits concerning an alleged Ponzi scheme operated through certain companies were not entitled to insurance coverage for their legal defence due to a material misrepresentation in their applications for coverage.