Frank E.P. Bowman

Following the settlement of the main class proceeding, the defendant and third party plaintiff brought a consent motion to dismiss the third party claims against the remaining third parties.

The court granted the order dismissing the third party action with prejudice and without costs.

The plaintiff invested $5 million in preferred shares of a financially troubled credit union pursuant to an offering statement.

The credit union was subsequently placed into administration and liquidation following the discovery of a complex mortgage fraud and the issuance of large, improper loans.

The plaintiff sued the credit union's directors and external auditors, alleging a material misrepresentation in the offering statement regarding the use of 'appraised values' for mortgage approvals.

The Superior Court of Justice dismissed the action, finding no material misrepresentation, no causation, and that the defendants had established a statutory defence.

The court also denied the plaintiff's mid-trial motion to amend the pleadings, ruling the new allegation was statute-barred.

In a reference arising from a contractual dispute over a land sale and alleged charitable donation receipt entitlement, the court was asked to determine the fair market value of agricultural lands purchased for future institutional use.

The plaintiffs claimed damages for the defendant’s failure to issue a charitable tax receipt based on the alleged difference between fair market value and purchase price.

The court considered competing expert appraisal evidence using the sales comparison approach and evaluated comparable land transactions within the local market.

Rejecting certain comparables and institutional-use assumptions, the court found the highest and best use involved potential future residential development subject to planning processes and servicing constraints.

The fair market value was determined to be $50,200 per acre, totaling $1,708,456.60.