Financial Services Update

On March 1, 2018, Canada Deposit Insurance Corporation (CDIC) released its updated Guidance on the Exercise of Eligible Financial Contracts Close-out Rights in a Resolution Scenario. This new Guidance reflects 2017 amendments to provisions of the Canada... Read more

An Ontario court’s reliance on section 4 of the Interest Act (Canada) to dramatically reduce the interest rate on a series of loans from the over 25% contracted for to just 5% has raised alarm bells for lenders and their counsel. One of the reasons... Read more

On November 7, 2017, Canada’s federal financial institutions regulator, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a draft of its long-awaited revised and updated Corporate Governance Guideline (the Revised... Read more

In a landmark unanimous judgment released on November 25, 2016, in the case of Lizotte v. Aviva Insurance Company of Canada, 2016 SCC 52 ("Aviva"), the Supreme Court of Canada clarified various aspects of the litigation privilege, a common law rule which... Read more

The Honourable Justice Paul Perell of the Ontario Superior Court of Justice has released two recent decisions in proposed secondary market securities class actions considering the Supreme Court of Canada's decision in Canadian Imperial Bank of Commerce... Read more

The announcement was recently made that amendments to the Personal Property Security Act (Ontario) (the "Ontario PPSA") legislated back in 2006 will become effective on December 31, 2015. These amendments change the debtor's location which will, in turn,... Read more

The Supreme Court released its decision on October 16, 2015 in the case of Goodwin v. British Columbia (Superintendent of Motor Vehicles) dealing with the constitutionality of British Columbia's provincial roadside breathalyzer laws and related penalties... Read more

In its unanimous decision in Carioca's Import & Export Inc. v. Canadian Pacific Railway Ltd., the Ontario Court of Appeal overturned the motion judge's decision, which denied the Plaintiff's attempt to restore an action to the trial list under Rule... Read more

The Saskatchewan Court of Appeal recently set aside the largest punitive damages awards ever made against insurers in Canada in Zurich Life Insurance Co. v. Branco. The Court of Appeal decision resulted in a 90% reduction of the $1.5 million award against... Read more