Banks Do Not Owe A General Duty Of Care To A Customer To Prevent “Insider Abuse”
TD bank successfully defended an action brought against it by a customer in a Ponzi scheme case in McDonald and Dickson v. TD Bank, 2021 ONSC 3872. The result came after a 43 day trial before Justice Conway in Toronto on the Commercial List. This case is important in setting out the scope of a bank’s obligations to a client who has been defrauded by an insider of the client. SIB was an offshore bank operating in Antigua. It was solely owned by Allen Stanford. TD was the primary domestic correspondent bank for SIB for 18 years, offering on-shore US ... [more] Full article
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 ... [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
Banking Litigation Contributors
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.
Christopher Somerville
Chris brings a creative, strategic, and practical approach to litigation. His wide-ranging experience and expertise encompass numerous areas of law, including corporate/commercial, securities, employment, construction, product liability, asset recovery, and administrative law.
David N. Vaillancourt
David's practice expertise focuses on all matters of Commercial and Civil Litigation, Competition and Administrative Law. David has acted for clients in a wide range of disputes, including shareholder and partnership disputes, securities litigation, class action defence, proceedings under the Competition Act, employment law disputes, contract disputes, breach of confidence/intellectual property disputes, fidelity bond claims, and professional negligence claims. David has appeared before all levels of court in Ontario, including the Court of Appeal for Ontario, and has also appeared before the Competition Tribunal and the Federal Court of Appeal. David has appeared as lead counsel in numerous trials, hearings, and motions. David has been successful in numerous adversarial proceedings, and also has successfully negotiated the resolution of dozens of cases.
