Last week, The Court discussed the constitutionality of the proposed federal Securities Act. This second post discusses the potential effects that the Act may have on the securities trade in Canada. In a move to address systemic inconsistencies in Canadian securities regulation, the federal government recently drafted a federal Securities Act, intended to coordinate and [...]

Newfoundland has failed in its latest effort to compel AbitibiBowater Inc. to clean up industrial sites that the company once owned and operated in the province. The Quebec Court of Appeal decision in Newfoundland v. AbitibiBowater Inc., 2010 QCCA 965, denied the province leave to appeal of an earlier decision by the Superior Court in [...]

On April 1st, 2010, the Supreme Court of Canada granted leave to appeal to I-Trade Finance Inc. v. Bank of Montreal. In a nutshell, financing was obtained from an innocent party through fraudulent means. These assets were then used to obtain credit from a second innocent party. After the fraud was discovered, there were insufficient assets to [...]

The only surprising thing about the recent Supreme Court of Canada decision in Quebec (Revenue) v. Caisse populaire Desjardins de Montmagny, 2009 SCC 49, is that the Quebec Superior Court at first instance found in favour of the Crown in all three cases from which the appeals arose. The issue in C.P. Desjardins de Montmagny [...]

On October 23, 2008, the Supreme Court announced that it granted leave to appeal to an unusual B.C. case that, despite a recognized need for refinement, is unlikely to significantly clarify the law of fiduciary duty. Michael Z. Galambos, et al. v. Estela Perez (32586) presents a fact scenario in which the relationship between the [...]

On September 2, 2008, various holders of Asset Back Commercial Paper notes, sought leave to appeal to the Supreme Court of Canada in Re Metcalfe & Mansfield Alternative Investments II Corp. following the Ontario Court of Appeal’s approval of a Plan of Compromise and Agreement, which takes away the ABCP holders’ rights to sue third [...]

Both sides in the Metcalfe & Mansfield case (involving the treatment of asset-backed commercial paper in a bankruptcy settlement) have now stated their hopes that, should the Supreme Court of Canada hear the case, it might come to a quick decision. More pointedly, counsel for Ivanhoe Mines say they want a hearing by the end [...]

After the Supreme Court of Canada’s decision in BCE Inc., et al. v. A Group of 1976 Debentureholders in June, newspaper business pages across the nation were once more reminded that the Supreme Court exists and is relevant to the financial news which they cover. Now, once more, the media is abuzz over a big-money [...]

Editor’s note: Today, the SCC hears its appeal in Royal Bank of Canada v. Saulnier (31622). Reproduced below, with permission, is an article that first appeared in the April 2006 edition of Mariner Life which discusses the trial level decision of the Nova Scotia Supreme Court when it was released. While the case has been [...]

On July 13, 2007, the Supreme Court of Japan held in two cases that consumer-loan companies return not only excessive payments of unlawful interest to borrowers but also to pay the statutory interest that accrued from the excessive payments, because the consumer-loan companies were found to be bad faith beneficiaries of unjust enrichment. Japanese courts [...]