Banking, Bankruptcy & Insolvency
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December 20, 2024
Trudeau unveils new cabinet with strong legal background as NDP threatens confidence vote
With his faltering government facing a non-confidence motion as early as Jan. 27, Prime Minister Justin Trudeau has introduced eight new cabinet ministers whose tenure may last only weeks.
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December 19, 2024
Mortgage relief measures saved Canadians $4 million in penalties, says Financial Consumer Agency
The Financial Consumer Agency of Canada (FCAC) has published a report saying that Canadians with mortgages from federally regulated financial institutions (FRFIs) have benefited from more than 8,000 mortgage relief measures in the 12 months to June of this year.
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December 17, 2024
New sanctions target Venezuela’s top judge and justice officials complicit in ‘fraudulent’ election
Venezuela's top judge, a prosecutor and two other judges are among five Venezuelan justice officials targeted by Canadian sanctions for what Ottawa says was their undermining of democracy and participating in “the fraudulent declaration of Nicolás Maduro as the winner” of Venezuela’s presidential election last July.
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December 16, 2024
Federal fiscal update after Freeland’s shock departure features tax, legal changes of note to bar
Boosting the number of judges in Ontario’s Unified Family Court and Court of Appeal, making “bail and sentencing laws stricter,” and new civil remedies — and criminal penalties of up to $1 million for corporations — under the Bankruptcy and Insolvency Act, were among the new measures proposed in the 2024 fall fiscal update by the minority Liberal government after Deputy Prime Minister and Finance Minister Chrystia Freeland stunned Ottawa by resigning from the Cabinet a few hours earlier.
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December 16, 2024
Alberta Court of Appeal upholds default judgment in mortgage action, affirms property sale
The Alberta Court of Appeal has upheld a default judgment in a mortgage enforcement action and affirmed a third-party property sale, finding that the mortgagor did not have a reasonable prospect of successfully defending the action.
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December 16, 2024
Class action certified against Airbnb for alleged breach of consumer protection laws
The British Columbia Supreme Court has certified a class action against short-term rentals giant Airbnb alleging breach of provincial consumer laws, claiming it is not licensed to provide real estate or travel agent services, nor can it transfer funds between customer and host.
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December 13, 2024
Feds to remove 30% Canadian pension fund investment cap, boost R&D in Fall Economic Statement
In a bid to boost domestic investment by Canadian pension funds, the federal government is set to remove a cap that restricts pension funds from owning more than 30 per cent of the voting shares of a Canadian entity, according to a release.
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December 13, 2024
Nova Scotia education minister moves to justice file
Nova Scotia has a new justice minister. Lawyer and former education minister Becky Druhan has been given the job of justice minister and attorney general following the Progressive Conservatives’ recent re-election as a majority government.
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December 12, 2024
Court approves $70.25M settlement of TD Asset Management trailing commissions class action
The Ontario Superior Court has approved a $70.25 million settlement in a class action against TD Asset Management Inc. (TDAM) over allegations that it paid unearned or excessive trailing commissions to discount brokers out of mutual fund assets.
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December 11, 2024
FINTRAC imposes $2M penalty on Exchange Bank of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative penalty of more than $2 million on Exchange Bank of Canada for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.