The moving parties, comprising approximately 175 lenders, brought a motion to reopen a previously dismissed motion for leave to appeal.
The original motion for leave was brought by the appellants regarding an Ontario Securities Commission decision that found they traded securities without registration and ordered disgorgement.
The lenders argued they were not given notice of the leave motion and had a right to be heard on the disgorgement remedy.
The Court of Appeal dismissed the motion to reopen, finding the lenders were not 'affected' by the order dismissing leave under rule 27.14, as the regulatory proceedings were not civil proceedings designed to compensate them directly.
