The court granted the defendants' motion to strike the Amended Statement of Claim in its entirety, with leave to amend, on the grounds that it amounted to an abuse of process and was time-barred by the 15-year ultimate limitation period under the Limitations Act, 2002.
The claim, brought by G. Scott Paterson against the Royal Bank of Canada and others, alleged a campaign of defamation and economic interference culminating in regulatory proceedings by the Ontario Securities Commission.
The court found that the claim sought to re-litigate issues already settled by the OSC and that Paterson was aware of the essential facts giving rise to his claim well before the expiry of the limitation period.
