Banking, Bankruptcy & Insolvency
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July 23, 2024
Appeal court finds insured not covered for failing to notify insurer of securities fraud probe
The Ontario Court of Appeal has dismissed an appeal in which the insured was not able to receive coverage or relief from forfeiture due to his delay in notifying the insurer about circumstances that would reasonably lead to a claim.
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July 17, 2024
Ontario court approves $1.5M settlement for automatic mortgage renewal class action
The Ontario Superior Court has approved a $1.5 million settlement in a class action against a bank concerning allegations that that bank’s practice of automatically renewing mortgages resulted in higher interest rates and financial losses for homeowners.
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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.