Court of Appeal for Ontario

Date: 2018-07-18 Docket: C64775

Panel: Hoy A.C.J.O., Brown and Trotter JJ.A.

Between

JOSEPH S. MANCINELLI, CARMEN PRINCIPATO, DOUGLAS SERROUL, LUIGI CARROZZI, MANUEL BASTOS and JACK OLIVEIRA in their capacity as THE TRUSTEES OF THE LABOURERS' PENSION FUND OF CENTRAL AND EASTERN CANADA, and CHRISTOPHER STAINES

Plaintiffs (Appellants)

and

ROYAL BANK OF CANADA, RBC CAPITAL MARKETS LLC, BANK OF AMERICA CORPORATION, BANK OF AMERICA, N.A., BANK OF AMERICA CANADA, BANK OF AMERICA NATIONAL ASSOCIATION, THE BANK OF TOKYO MITSUBISHI UFJ LTD., BANK OF TOKYO-MITSUBISHI UFJ (CANADA), BARCLAYS BANK PLC, BARCLAYS CAPITAL INC., BARCLAYS CAPITAL CANADA INC., BNP PARIBAS GROUP, BNP PARIBAS NORTH AMERICA INC., BNP PARIBAS (CANADA), BNP PARIBAS, CITIGROUP, INC., CITIBANK, N.A., CITIBANK CANADA, CITIGROUP GLOBAL MARKETS CANADA INC., CREDIT SUISSE GROUP AG, CREDIT SUISSE SECURITIES (USA) LLC, CREDIT SUISSE AG, CREDIT SUISSE SECURITIES (CANADA), INC., DEUTSCHE BANK AG, THE GOLDMAN SACHS GROUP, INC., GOLDMAN, SACHS & CO., GOLDMAN SACHS CANADA INC., HSBC HOLDINGS PLC, HSBC BANK PLC, HSBC NORTH AMERICA HOLDINGS INC., HSBC BANK USA, N.A., HSBC BANK CANADA, JPMORGAN CHASE & CO., J.P.MORGAN BANK CANADA, J.P.MORGAN CANADA, JPMORGAN CHASE BANK NATIONAL ASSOCIATION, MORGAN STANLEY, MORGAN STANLEY CANADA LIMITED, ROYAL BANK OF SCOTLAND GROUP PLC, RBS SECURITIES, INC., ROYAL BANK OF SCOTLAND N.V., ROYAL BANK OF SCOTLAND PLC, SOCIÉTÉ GÉNÉRALE S.A., SOCIÉTÉ GÉNÉRALE (CANADA), SOCIÉTÉ GÉNÉRALE, STANDARD CHARTERED PLC, UBS AG, UBS SECURITIES LLC and UBS BANK (CANADA)

Defendants (Appellants)

Counsel

Kirk M. Baert, Celeste Poltak and Louis Sokolov, for the appellants

Lara Jackson, Wendy Berman and Christopher Horkins, for the respondents, the Bank of Montreal, BMO Financial Corp., BMO Harris Bank N.A., BMO Capital Markets Limited

Paul Le Vay, Brendan van Niejenhuis and Benjamin Kates, for the respondents, Toronto Dominion Bank, TD Bank, N.A., TD Group Holdings, LLC, TD Bank USA, N.A. and TD Securities Limited

Hearing and Appeal

Heard: May 14, 2018

On appeal from: the order of Justice Paul Perell of the Superior Court of Justice, dated December 11, 2017.

Costs Endorsement

[1] Following the release of our reasons in this matter, the respondents advised that the court had misapprehended the appellants' oral costs submissions and the parties had not agreed to the amounts submitted by the appellants and subsequently reflected in the costs disposition in the reasons as agreed by the parties. The respondents sought to provide, and the court permitted the parties to provide, further written submissions on the issue of the quantum of the costs the respondents must pay to the appellants.

[2] We have received and reviewed those submissions.

[3] They do not persuade us to alter the costs of the appeal ordered in the reasons: the appellants shall be entitled to their costs of the appeal, fixed in the all-inclusive amount of $50,000, payable to $25,000 by TD, and as to $25,000 by BMO.

[4] However, they do persuade us that the costs of the motion below that we ordered BMO and TD to pay the appellants should be altered. BMO and TD shall each pay the appellants the sum of $45,000 (a total of $90,000) as costs of the motion below, and not the greater amounts provided in the reasons.

"Alexandra Hoy A.C.J.O."

"D.M. Brown J.A."

"G.T. Trotter J.A."