Steven Michael Chadwick

This is a costs decision following an application concerning the interpretation of section 17 of the Mortgages Act and its interaction with section 8 of the Interest Act.

The court had previously determined that the first mortgagee was not entitled to charge three months' interest as a penalty.

The applicants were successful and awarded $65,625.00 with pre-judgment interest.

In this costs decision, the court awarded the successful applicants $36,000 in all-inclusive costs, comprising $10,011.03 for the period prior to the offer to settle and $15,508.87 on a substantial indemnity basis after the offer, as the applicants beat their August 12, 2024 offer to settle.

This decision concerns the costs arising from the dismissal of the plaintiff's motion for leave to commence a secondary market securities class action and to certify the action.

The defendants sought substantial indemnity costs, while the plaintiff argued for partial indemnity and a discount due to the alleged novel and public interest nature of the litigation.

The court awarded partial indemnity costs of $693,805.39, finding no basis for substantial indemnity as there was no reprehensible conduct or unproven fraud allegations.

The court also rejected the argument for a discount under s. 31(1) of the Class Proceedings Act, concluding that the issues were not novel or of broad public interest, particularly as they had been previously litigated.

A minor deduction was made for online research disbursements.