Superior Court Certifies $1.0 Billion Foreign Exchange Price Fixing Class Action

In his decision released earlier this Spring, Ontario Superior Court Justice Paul Perell certified a class action in Mancinelli v. Royal Bank of Canada claiming $1.0 Billion in damages against several large banks, including Credit Suisse Group AG; Deutsche Bank AG; the Royal Bank of Canada; and the Toronto Dominion Bank, relating to an alleged conspiracy to fix prices in the foreign exchange market. The claim alleged that, between 2003 and 2013, the Defendant banks, who controlled approximately 65% of the FX market trading in Canadian currency, conspired to fix the price of FX instruments as well as other collusive ... [more] Full article
Privacy law does not shield judgment debtors
The recent Supreme Court decision in Royal Bank of Canada v. Trang has provided important guidance on how Canada’s federal privacy legislation, the Personal Information Protection and Electronic Documents Act ... [more] Full article
After the Storm: only CIBC and IMAX class actions survive
In Ontario, the last four years have been overcast for securities class actions. The clouds lifted last week, when the Supreme Court clarified a critical limitation period by overturning the ... [more] Full article
Credit cards subject to provincial disclosure laws
The perennial question in Canadian law (and politics) is: is it federal or provincial? In the case of credit cards issued by banks, the answer is "both". Although banks are a federal responsibility, provincial consumer protection laws mandating disclosure of contract terms apply to banks that issue credit cards, the Supreme Court held recently in three decisions issued the same day. [more] Full article