In a recent decision, the UK Supreme Court considered whether public authorities, acting in fulfillment of their statutory mandate, have to give an undertaking in damages when they seek an interlocutory injunction. The case arose in the context of a share sale scheme that the Financial Services Authority (“FSA”) alleged to be a fraud, involving… → Read More
Category Archives: Financial Services
Subscribe to Financial Services RSS FeedGive This Post Superpriority – Supreme Court Decides Sun Indalex Finance, LLC v. United Steelworkers
Posted in Bankruptcy and Debt, Case Comments, Financial Services, Labour and Employment, ProcedureIntroduction The Supreme Court has issued its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers. The Supreme Court has issued its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers (“Indalex”). The decision has significant implications for lenders, employers and pension plan administrators of Ontario-registered defined benefit (“DB”) pension plans. First, it… → Read More
The Penalty Doctrine: Focus on Substance Not Form Says The High Court of Australia
Posted in Case Comments, Class Actions, Contracts, Corporate Law, Financial ServicesWhen is a contractual term a penalty? Traditionally, a penalty has been characterized as a provision that results in unconscionable and disproportionate compensation for breach of contract. The recent decision of Australia’s High Court in Andrews v. Australia and New Zealand Banking Group Ltd (“Andrews”) has widened the scope of the common law penalty doctrine… → Read More
What to expect when you’re expecting… An answer from a regulator: SCC to discuss the reasonable diligence defense in cases or strict liability offenses
Posted in Case Previews, Criminal, Financial Services, InsuranceThe Supreme Court of Canada recently granted leave to appeal in a case involving the Autorités des marchés financiers (“AMF”), the Quebec regulator regarding financial products and services. The most important issue discussed by the Court of Appeal concerns the possibility or not for Sovereign, General Insurance Company (“Sovereign”) to use the reasonable diligence defense… → Read More
Hot Off the Press – World Class Actions: A Guide to Group and Representative Actions Around the Globe
Posted in Aboriginal, Class Actions, Communications, Construction and Real Estate, Energy, Financial Services, Franchise and Distribution, Health, Insurance, Media, Municipal, Procedure, Professions, Securities, TransportationIn the newly published World Class Actions: A Guide to Group and Representative Actions Around the Globe, McCarthy Tétrault litigators David Hamer and Shane D’Souza co-authored the “Multijurisdictional and Transnational Class Litigation: Lawsuits Heard ‘Round the World” chapter. The chapter offers guidance to international lawyers who represent clients involved in cross-border, multinational and international class… → Read More
The ISDA Master Agreement and Implied Terms: Text Over Context in the English Court of Appeal
Posted in Bankruptcy and Debt, Case Comments, Contracts, Financial ServicesShould a commercial contract be interpreted literally, or should a court adopt a non-literal interpretation if necessary to achieve a result that makes commercial sense given the context (the factual matrix) of the agreement? This issue is an enduring one in contractual interpretation, and was recently put to the test in Lomas & Ors v…. → Read More
BCCA May Consider the Test for Leave to Commence an Action Pursuant to the New Secondary Market Liability Provisions
Posted in Case Comments, Financial Services, Procedure, TortsThe British Columbia Court of Appeal may soon consider the test for a purchaser or vendor in the “secondary market” to obtain leave to commence an action for misrepresentation under Part 16.1 the BC Securities Act. Leave to appeal has been filed by the plaintiff in Round v. MacDonald, Dettwiler and Associates Ltd. This will… → Read More
Will Your Companies’ Creditors Arrangement Act Superpriority Still Be that Super once the Scheme of Collocation is Drawn Up?
Posted in Bankruptcy and Debt, Case Comments, Construction and Real Estate, Financial ServicesIn the context of an arrangement plan pursuant to the Companies’ Creditors Arrangement Act, a financial institution was granted a superpriority on all moveable and immoveable debtors’ assets following an additional $2,150,000 loan to the debtor, in order to allow it to complete some construction projects it had already started and for which it already owed… → Read More
Banks Owe No Duty to Cheque Payees: Supreme Court of Canada
Posted in Case Comments, Financial Services, TaxWhat is a cheque? What obligations arise for a bank presented with a cheque or collecting on one? Does the bank answer to the drawer, the payee, or both? These questions were recently put before the Supreme Court of Canada in the context of a demand by the Canada Revenue Agency for remittance of funds… → Read More
SCC to Consider the Residence of Trust for Tax Purposes
Posted in Case Previews, Corporate Law, Financial Services, TaxThe residence of trusts and other business entities for income tax purposes has long been a source of confusion. The Supreme Court of Canada will attempt to resolve that confusion in the St. Michael Trust cases, from which it recently granted leave to appeal. Decisions Below The cases arise as conjoined appeals from the decision of the Federal Court of Appeal in St…. → Read More
Should Redeemable-Upon-Demand Shares Be Included in Paid-Up Capital or Long-Term Debt?
Posted in Case Comments, Financial Services, TaxOn January 29, 2010, the Appeal division of the Court of Quebec determined that Credit Ford Canada Ltd. did not have to include the $1,170,000,000 worth of retractable shares issued in its paid-up capital (and thus be taxed on it) and could, instead, consider it as a long-term debt. This decision alone made a $2,416,767… → Read More
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