Joel Goldenberg

The appellant appealed the dismissal of its negligent misrepresentation action arising from purchases of Confederation Life commercial paper through the respondent bank.

The court held that, in the context of dealings between sophisticated commercial parties, the bank's duty of care was limited to accurately supplying the specific information requested in the quoting exercise, not broader investment-related information.

The court further held that stating the D.B.R.S. rating as R1 low was not inaccurate or misleading merely because the rating had been placed under review with negative implications.

The appeal was dismissed with costs.

Commercial appeal arising from a bribery scheme that diverted a longstanding supply contract from the plaintiff to the corporate respondents.

The Court of Appeal held that the consultant and his company, although described by contract as independent contractors, functioned as integrated members of the corporate respondents' sales organization and therefore attracted vicarious liability under the organization test.

The court also held that the trial judge erred in refusing to re-open the trial after post-judgment affidavit evidence from the consultant implicated the principal officer in the bribery scheme, as the evidence was apparently credible and could not with reasonable diligence have been obtained earlier.

Judgment was granted against the corporate respondents for compensatory damages and prejudgment interest, punitive damages were not extended vicariously, and a new trial was ordered on the officer's personal liability.