Out of Time – Investment Dealer’s Claim for Indemnity against Investment Advisor Barred by Statute of Limitations
The Court of Appeal has recently held that the limitation period to bring an action enforcing a contractual right to indemnity starts to run on the date that a party has been served with a Statement of Claim in the underlying lawsuit that triggers the right to be indemnified. Gregory Roscoe was an investment advisor with Canaccord Capital. In August 2008, two of Roscoe’s former clients began a claim against Canaccord and Roscoe alleging they had suffered losses arising from unsuitable investments. Canaccord funded a joint defence, and the defendants delivered a joint Statement of Defence. In July 2009, Canaccord ... [more]
Canada Gets Tough on Foreign Corruption
Amendments to Canada’s Corruption of Foreign Public Officials Act (CFPOA) that came into force last week toughen penalties for foreign corruption.
The CPFOA makes it a crime in Canada to bribe foreign officials. Canadian companies operating abroad, particularly in emerging markets, need to be aware of the CFPOA. Key amendments include the introduction of nationality jurisdiction to the CFPOA, a new books and records offence, and increased sentences. [more]
No pot of gold at the end of the Rainbow
A decision by joint operators of an oil field to use a single fluid hauler was not an unlawful conspiracy, the Alberta Court of Appeal held recently, overturning a 2011 decision that awarded over $5.5 million to the loser of a competitive bidding process: 321665 Alberta Ltd. v. Husky Oil Operations Ltd., 2013 ABCA 221. [more]
Gas price fixers convicted after trial
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