Bruce O’Toole

Following a successful appeal where the appellant prevailed on all issues, the court determined the costs of the underlying trial and application.

The appellant sought over $270,000 in total costs.

Applying the principles of fairness and reasonableness, the Court of Appeal fixed the appellant's costs of the trial at $150,000 and the costs of the application at $25,000, payable by the respondents.

The appellant condominium corporation appealed a trial decision regarding the conversion of a commercial building into a residential condominium.

The Court of Appeal allowed the appeal, finding that the respondent Lomico was a 'declarant' under the Condominium Act, that a lease of HVAC equipment to the condominium corporation was null and void because the equipment formed part of the common elements, and that the developers breached the construction warranty by failing to substantially renovate the parking garage.

The Court dismissed the developers' cross-appeal, affirming that unit owners have an appurtenant property right to lease parking spaces at market rates.

Damages and market rates were directed to a reference.

Staff of the Ontario Securities Commission brought a settlement hearing regarding Wells Fargo Financial Canada Corporation's failure to file prospectus supplements on time on four occasions.

The Commission approved the settlement agreement, noting that inadvertence and reliance on outside counsel were not valid excuses for late filings.

The Commission imposed an administrative penalty of $20,000, emphasizing that this novel use of an administrative penalty serves as a specific deterrent to the respondent and a general warning to market participants about the importance of timely filings.