Banking, Bankruptcy & Insolvency
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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.
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June 28, 2024
Veteran Toronto lawyer starts term as LSO treasurer
The Law Society of Ontario’s (LSO) new treasurer praised his predecessor, spoke of past accomplishments and talked about “ceremony, fellowship and policy.” The LSO’s June 28 Convocation featured remarks by newly elected treasurer Peter Wardle, a Toronto-based commercial litigation and professional liability lawyer who will serve in the role for the 2024-25 term.
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June 27, 2024
Canada sanctions ‘extremist settler violence’ against Palestinians
Canada has imposed sanctions on seven Israelis and five entities in Israel “in response to the grave breach of international peace and security posed by their violent and destabilizing actions against Palestinian civilians and their property in the West Bank.”
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June 25, 2024
FINTRAC launches online reporting forms for electronic funds transfers and casino disbursements
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has implemented new electronic funds transfer and casino disbursement report forms in its effort to combat activities such as money laundering and terrorist financing.
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June 25, 2024
Alberta Court of Appeal again rejects injunction on $117M letter of credit in pipeline contract
The Alberta Court of Appeal has dismissed an appeal concerning a dispute over a $117 million irrevocable letter of credit connected to a pipeline contract, finding that it could not stay its own previous decision allowing the letter to be called.
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June 25, 2024
Canada sanctions Hamas ‘financiers’ in response to Hamas’s Oct. 7 terror attacks in Israel
Declaring “we stand with the Israeli people and call for the immediate release of all hostages,” Foreign Affairs Minister Mélanie Joly announced dealings and entry bans of nine “financiers” of Hamas and Palestinian Islamic Jihad and two Hamas-affiliated financial exchange companies, “effective immediately.”