The Court-Appointed Receiver of Ashcroft Homes – Capital Hall Inc. sought approval of a settlement agreement with Northbridge Financial Corporation concerning an action for approximately $60 million in damages related to a fire that interrupted construction of a 353-unit residential condominium building in Ottawa.
The Receiver also sought a sealing order to protect the confidential terms of the settlement.
The court approved the settlement as reasonable and granted the sealing order, finding that the public interest in maximizing recovery for stakeholders and promoting settlement outweighed the principle of court openness under the three-part test established in Sherman Estate v. Donovan.
