The plaintiffs, Dominic and Scarlett Perodeau, sued TD Canada Trust (the Bank) and Primmum Insurance Company (misnomered as TD Insurance) for breach of fiduciary duty following a house fire and uninsured property.
The plaintiffs alleged Primmum breached a fiduciary duty to the Bank regarding home insurance and that the Bank breached a fiduciary duty to them by failing to caution them about the lack of insurance upon mortgage renewal.
Both defendants moved for summary judgment.
The court found no fiduciary duty existed between Primmum and the Bank, nor between the Bank and the plaintiffs, as their relationship was purely commercial.
The court also held that the plaintiffs' claims against the Bank were barred by res judicata, as the issues were previously litigated or ought to have been, and were statute-barred under the Limitations Act.
Furthermore, the claims against Primmum failed due to the effective termination or lapse of the insurance policy.
Consequently, the court granted summary judgment, dismissing all claims against both defendants.