Court of Appeal Confirms No Duty to Disclose Beneficiary Changes
If a client asks their investment dealer to change their account beneficiary, does the dealer need to tell the beneficiary? Firms will be relieved by the Ontario Court of Appeal’s decision in Fair v. BMO Nesbitt Burns Inc., 2022 ONCA 711, which confirmed the answer is no (with some qualifications). In this case, the client Lloyd Fair changed the beneficiary on his TFSA and RIF account from his wife Anne to his children from an earlier marriage. He did not tell Anne, who held other accounts in her own name at BMO naming Lloyd as beneficiary. BMO also did not ... [more] Full article
Investment Dealers Could Face Class Actions for Systemic Breaches of their Duty to Inform
Class Actions were created to be a more efficient and cheaper option for a number of people with common claims based on the same circumstances. However, class actions (obviously) cannot ... [more] Full article
IIROC guidance highlights limitations on limitation of liability clauses in retail client account agreements
“By signing below, you agree not to sue me.” Not so fast, says Canada’s primary regulator of investment dealers. On October 10, 2019, the Investment Industry Regulatory Organization of Canada ... [more] Full article
Alberta court declines to certify class action alleging negligent performance of investment advisory services
A proposed class proceeding for alleged negligent performance of investment advisory services was recently denied certification by the Court of Queen’s Bench of Alberta. In Fisher v Richardson GMP Limited, ... [more] Full article
Broker/Dealer litigation Contributors
Kenneth A. Dekker
Kenneth Dekker, a partner of the firm, is a successful trial and appellate lawyer who is valued by his clients as a resourceful and practical litigation counsel. Over more than two decades, Ken has litigated noteworthy cases in a range of fields that include class action defence, securities and broker-dealer litigation and regulatory defence, corporate and shareholder disputes (including oppression and winding up cases), defamation, civil fraud litigation, disputes over contracts, injunctions, professional liability litigation, employment litigation and cross-border litigation issues. Ken has appeared before all levels of courts in Ontario, including the Ontario Court of Justice, the Superior Court of Justice, the Divisional Court and the Court of Appeal for Ontario, as well as before the Supreme Court of Canada. Ken also represents and advises clients in regulatory matters before the Investment Industry Organization of Canada (IIROC), the Mutual Fund Dealers Association of Canada (MFDA) and the Ontario Securities Commission (OSC). Ken has been ranked as Repeatedly Recommended for Securities Litigation by Lexpert, for Corporate and Commercial Litigation by Best Lawyers of Canada, and he has been given the highest available rating of AV, or pre-eminent, by his peers on Martindale-Hubbell.
Peter R. Greene
Peter is a widely recognized and renowned litigator with substantial expertise in high profile and complex Commercial Litigation at the trial and appellate levels. Peter acts as counsel for insurance companies on professional liability, E&O claims, Director's and Officer's liability, and surety, fidelity and dishonesty bond claims. He has particular expertise in securities litigation and Regulatory Hearing, and has acted for Canada's largest investment firms. He regularly acts as defence counsel in large Class Actions before the courts in Ontario, and before national and provincial Regulatory agencies, boards and tribunals. Peter is regularly involved in large product liability and construction contract cases involving Construction Liens or Surety Bonds.
Meredith Hayward
Meredith has earned an impressive reputation for her skill and abilities in Commercial Litigation and Administrative Law, appearing at all levels of court in Ontario, before the British Columbia Court of Appeal, and before the Supreme Court of Canada.
Masiel A. Matus
Masiel has a broad commercial litigation practice and represents both national and international clients in a variety of complex matters. Masiel has experience litigating cases involving professional negligence, commercial leasing and real property disputes, insurance, contract disputes, shareholder disputes, fraud, breach of fiduciary duty, breach of trust, employment matters and defamation claims.
