2 total
The court dismissed the foreign defendant's motion to stay the action, finding a good arguable case that the oral contract was formed in Ontario.
The defendant, Aescape Inc., brought a motion seeking to dismiss the claim for lack of jurisdiction, stay the action on the basis of forum non conveniens, and set aside service.
The plaintiff, Intercap Equity Inc., alleged a breach of an oral option agreement to invest in Aescape.
The court found that Intercap established a "good arguable case" that a contract was formed in Ontario, satisfying the "real and substantial connection" test for jurisdiction.
The court also determined that Aescape failed to demonstrate that New York was a "clearly more appropriate forum" to displace Ontario's jurisdiction.
Consequently, the motion was dismissed on all grounds.
Court approves pro rata distribution of $40M settlement and $6M in professional fees for Representative Counsel.
Representative Counsel for investor claimants in a winding-up proceeding sought approval of a $40 million settlement distribution scheme and $6 million in professional fees.
Two investors objected, arguing for a flat-fee allocation of costs rather than a pro rata deduction, and one objected to the fee amount.
The court approved the pro rata allocation as fair and equitable, noting it avoids arbitrary distinctions between investors.
The court also approved the $6 million fee, finding it reasonable given the significant risks assumed, the excellent results achieved, and the 1.6 multiplier on docketed time.
