Supreme Court of Canada (partially) upholds judgment against former Livent auditor
On December 20, Canada’s highest court released a hotly anticipated decision that is almost certainly the final act in the more than 20 year saga of a formerly pre-eminent theater company, Livent Inc. and an accounting fraud by its senior management. This was a fraud that, among other things led to the 2009 criminal conviction of Livent founders, Garth Drabinsky and Myron Gottlieb. Livent’s Receiver Manager sued former Livent auditor, Deloitte & Touche for issuing clean audit opinions and a comfort letter to potential investors in the face of numerous red flags indicating fraud by senior management that it said Deloitte ... [more] Full article
Suing for unpaid legal fees (usually) not illegal, Divisional Court confirms
For decades, Ontario lawyers suing to collect their accounts have sometimes faced an obscure but potentially devastating obstacle: the Solicitors Act (Ontario).[1] On its face, s. 23 of the Act seems to ... [more] Full article
Continuing breach results in rolling limitation period
Each and every day that a party remains in breach of a continuing obligation in a contract, a new cause of action and corresponding limitation period arises, the Court of ... [more] Full article
Shotgun Clause Robs Shareholders of $750k
The BC Court of Appeal has upheld an arbitrator’s finding that triggering a shotgun clause terminated the selling parties’ interest in a joint venture, thereby eliminating their entitlement to an ... [more] Full article