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, the representative plaintiffs on behalf of themselves and the proposed class alleged that their investment advisor, Adam Woodward (“Woodward”), had provided unsuitable and negligent investment advice and that Woodward and his investment advisory team, Woodward Asset Management (“WAM”), had caused them capital and opportunity losses. Woodward and WAM had allegedly used a one-size-fits-all scheme and disregarded the individual circumstances of their clients. The plaintiffs also claimed that the Investment Dealer, ... [more]
Canada’s top court to hear contract good faith case
Potential Plaintiffs Cannot Force IIROC to Give Up Information about Potential Defendants
In Harrington Global Opportunities Fund S.A.R.I. and Harrington Global Inc. (“Harrington”) v. Investment Industry Regulatory Organization of Canada (“IIROC”), Justice Perell largely foreclosed the possibility of wronged investors obtaining a Norwich Order in order to get information and documentation from IIROC prior to initiating an action. [more]
Big Changes Coming for “Financial Planners” and “Financial Advisors”
In its new budget, the Ontario government has created a framework that will hopefully give consumers more guidance about the credentials of financial professionals. [more]
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