2 total
The Court of Appeal upheld the summary dismissal of a claim against a valuator because the engagement letter explicitly excluded a duty of care to shareholders.
The appellants appealed the dismissal of their claim against the respondent by way of summary judgment.
The claim arose from a management buyout of Xtreme Labs, where the appellants were directors and shareholders.
The respondent had been engaged to provide a valuation of the company, which the appellants alleged significantly undervalued the business, causing them loss.
The motion judge dismissed the claim on the basis that the engagement letter excluded any duty of care owed to the appellants in their capacity as shareholders.
The Court of Appeal upheld the dismissal, finding no error in the motion judge's analysis of the engagement letter, the evidentiary burden, or the appropriateness of summary judgment.
The court certified the class action for settlement purposes and approved the settlement regarding defective mechanical locks.
This proposed class action concerned a design defect in Kaba Simplex mechanical pushbutton locks manufactured before January 1, 2011, which could be opened using rare earth magnets.
The representative plaintiffs moved for certification of the action for settlement purposes, approval of the settlement, and approval of Class Counsel's fees.
The court granted the motion, finding that the settlement was fair, reasonable, and in the best interests of the class, providing full recovery by rectifying the defect.
The court also approved Class Counsel's fees and honorariums for the representative plaintiffs.
