Banking, Bankruptcy & Insolvency
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February 10, 2025
C.J. Wagner says top court ‘exploring’ provision of mediation in cases where leave to appeal denied
Lawyers say they want to know specifics about the out-of-the-blue disclosure from Supreme Court of Canada Chief Justice Richard Wagner that he has asked his staff to “explore the possibility” of the top court providing “mediation” for litigants in cases where the apex court denies leave to appeal, and his suggestion that family law cases might lend themselves to a potential mediation initiative.
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February 10, 2025
$30M settlement reached in proposed class action against Ontario cannabis company
A proposed $30 million settlement has been reached in a global investor class action against Ontario-based cannabis company Aphria Inc. and certain of its former officers and directors for alleged misrepresentations.
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February 10, 2025
Increasing regulations depressed economic and job growth, says StatCan study
In a new study on the potential impact of regulations on the economy, Statistics Canada has found that an increase in regulatory provisions from 2006 to 2021 was associated with a 1.7 percentage point reduction in gross domestic product growth and a 1.3 percentage point reduction in employment growth.
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February 07, 2025
Nova Scotia first to invite private firms to join public pension
Nova Scotia has become the first province in Canada to open its public service superannuation plan (PSSP) to private sector employers with the coming into force this week of the relevant legislation and regulations.
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February 07, 2025
B.C. Court of Appeal: Parallel class actions not abuse of process before certification
A proposed class action against a defendant facing a similar proposed class action in another jurisdiction is not inherently an abuse of process prior to the actions being certified, the B.C. Court of Appeal has held.
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February 06, 2025
Public service union threatens legal action over ongoing Phoenix payroll system problems
The Public Service Alliance of Canada (PSAC) has threatened legal action against the federal government over its failure to meet its targets to resolve delayed or incorrect payments made to federal employees through the Phoenix pay system since its launch in 2016.
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February 06, 2025
B.C. Court of Appeal overturns lower court, certifies class action against HSBC over fund management
The B.C. Court of Appeal has certified a class action against HSBC Global Asset Management and HSBC Investment Funds over allegations that mutual funds that they represented as actively managed were in reality passively managed to replicate a market index.
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February 05, 2025
Virani extols more diverse bench; says he’s working to get new wrongful conviction review body going
In contrast to the new U.S administration’s dismantling of diversity, equity and inclusion (DEI) policies targeting hiring biases against members of racialized and other underrepresented groups, the Trudeau government is doubling down on its commitment to diversity, with Justice Minister Arif Virani proudly extolling the federal Liberals’ record of appointing many “brilliant” women and racialized jurists to the federal trial and appellate benches.
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February 04, 2025
Alberta Court of Appeal overturns $25M reverse termination fee order in failed merger
The Alberta Court of Appeal has overturned an order requiring the payment of a $25 million reverse termination fee in relation to a failed business acquisition, finding that the lower court erred in interpreting the definition of an approval that could trigger the termination fee.
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February 04, 2025
Business, consumer bankruptcies reached 15-year high in 2024, says insolvency association
Last year was Canada’s worst year for business and consumer insolvencies since the recession of 2009 — and 2025 could be even worse if a trade war with the U.S. ensues, according to the chair of the Toronto-based Canadian Association of Insolvency and Restructuring Professionals (CAIRP).