Peter Proszanski

This decision resolves a carriage motion between three proposed class actions seeking damages for investors in The Toronto-Dominion Bank, arising from alleged misrepresentations and failures to disclose anti-money laundering (AML) deficiencies.

The court concludes that the Parkin action is best suited to advance the class members’ claims efficiently and cost-effectively, considering the statutory criteria under the Class Proceedings Act, 1992.

The decision addresses the impact of late registration of a class proceeding, the legal framework for carriage motions, the comparative strengths and weaknesses of each action, and issues of funding and counsel experience.

This costs endorsement followed two related motions where the defendants largely succeeded in striking claims under Rule 21, terminating claims against all defendants except The TDL Group.

The court awarded costs to the successful defendants, finding no reason to depart from the usual practice that the unsuccessful side pays.

Despite the plaintiffs' arguments that the hourly rates and overall costs requested were excessive, the court found them within the norm for large firm litigation given the magnitude of the claims.

The court exercised its discretion to slightly reduce the requested costs, awarding $44,000 to the defendants in the 152 Action and $40,000 to the defendants in the Walker Action, acknowledging that the defendants were not 100% successful in dismissing the actions without leave to amend.