Jump To: Table of Contents | Civil Decisions | Short Civil Decisions | Criminal and Regulatory/ Review Board Decisions
Hello again.
Please find below our summaries for this week’s civil decisions of the Ontario Court of Appeal.
In Mancinelli v Royal Bank of Canada, the class plaintiffs had sought to add BMO and TD as party defendants to their claim against other financial institutions for conspiracy and price fixing in the foreign exchange markets. Justice Perrell had dismissed the plaintiffs’ motion, having found that class counsel could have, through “reasonable diligence”, discovered BMO and TD’s possible involvement in the secret conspiracy. He made that finding even though there was apparently no public document referencing BMO and TD’s possible involvement, and the first mention of their involvement was by UBS, one of the co-conspirators, after it had entered into a settlement with the class plaintiffs. The Court reversed Justice Perrell’s decision, finding that he had held class counsel to too high a reasonable diligence standard without a proper evidentiary foundation.