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The court awarded $40,000 in costs to the successful respondents and varied the judgment on consent.
This is a costs endorsement following an appeal and cross-appeal to the Court of Appeal for Ontario.
The respondents were successful on both the appeal and cross-appeal.
The court awarded costs to the respondents in the amount of $40,000, inclusive of all disbursements and HST.
The judgment was also varied on consent of the parties to correct two monetary amounts in paragraphs 5 and 7.
The Court of Appeal upheld the trial judge's interpretation of a shareholders' agreement regarding share dilution but set aside punitive damages against one defendant due to inadequate pleadings.
Minority shareholders appealed a trial judgment finding oppressive conduct by majority shareholders in a real estate development company.
The trial judge found that the majority had issued too many shares in response to cash calls when the minority shareholder refused to participate, thereby diluting the minority's ownership interest.
The appellate court upheld the trial judge's interpretation of the shareholders' agreement and the calculation of share dilution, with minor adjustments to the valuation calculations.
The court also set aside punitive damages against one defendant due to inadequate notice in the pleadings, and dismissed the appellants' costs appeal.
