No defined limit on AMPs, court says
A recent decision of the Ontario Court of Appeal upholding the Ontario Securities Commission power to impose administrative monetary penalties, or AMPs, of up to $1 million suggests that even higher AMPs provided for in the Competition Act would also be upheld. (The case is Rowan v. Ontario Securities Commission. For a summary of this decision, see How high is too high?) AMPs have become rampant in Canadian legislation in recent years (see Raising the AMPerage). Thus while this decision relates to securities law, it will be of interest to lawyers practising in other areas that provide for AMPs, notably, ... [more]
Denial of Mareva injunction due to Bank’s “dirty hands” upheld
Advancing unfounded allegations of fraud and overstating its case may preclude a party from attaining equitable relief. A panel of the Ontario Divisional Court upheld Justice Stinson's dismissal of a motion to continue an interim Mareva injunction brought by the Royal Bank of Canada. [more]
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