Joe Wahba

The Bank of Nova Scotia brought a motion for security for costs against Brian Flight in his appeal seeking reinstatement of his action.

The Bank argued the appeal was frivolous and vexatious and that Flight lacked sufficient assets.

The court found the appeal appeared to have no merit, Flight admitted insufficient assets, and it was just to order security given his history of advancing similar arguments in multiple proceedings and his conduct in the appeal.

The motion was granted, ordering Flight to post $25,000 as security for costs.

The defendant Bank of Nova Scotia and third party Julie Leblanc brought a motion to strike the plaintiff's statement of claim and third party claim for disclosing no cause of action, being frivolous, vexatious, or an abuse of process under Rules 21.01(b), 21.01(3)(b), and 25.11.

The court granted the motion, finding the claim to be a collateral attack on an earlier court order regarding the limitations period and time-barred independently.

The plaintiff's claims, including those related to the bank's alleged failure to revoke a power of attorney, investigate fraud, or breach fiduciary duties, were found to be based on events discovered more than two years before the action was commenced.

The court struck the claims without leave to amend and awarded substantial indemnity costs to the Bank of Nova Scotia.

The plaintiffs brought a consent motion for leave to proceed under the Securities Act and for certification of a class action for settlement purposes.

The action alleged secondary market misrepresentations by the defendants regarding a pharmaceutical product.

The court found the criteria for leave to proceed and certification were met, approved the class definition and common issues for settlement purposes, and approved the proposed notices to class members.

The plaintiffs brought a motion for leave to discontinue a proposed securities class action against the defendant.

Due to increased litigation risks and the lack of an engaged representative plaintiff or class counsel willing to proceed, the plaintiffs sought to abandon the class proceeding.

The court granted the discontinuance under s. 29 of the Class Proceedings Act, 1992, finding no improper purpose and no prejudice to the defendant, who consented and received $130,000 in wasted costs.

The court also approved the form and manner of notice to putative class members.

The plaintiffs brought a motion for approval of a class action settlement regarding alleged securities misrepresentations by Colt Resources, Inc. The court approved the $950,000 settlement, finding it fair and reasonable given the litigation risks and the statutory liability limits under the Securities Act.

The court also approved the Plan of Allocation, the notice plan, a $5,000 honorarium for each representative plaintiff due to their exceptional efforts in initiating the claim, and class counsel fees of $300,000 plus disbursements.