In a recent case, Bricklayers Pension Fund of Western Pennsylvania (derivatively on behalf of Centene Corporation) v Brinkley (Centene), Delaware's Court of Chancery dismissed “Caremark duty claims”—named after the 1996 case...more
As we have reported in prior blogs, the Government of Canada is moving forward with plans to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the current criminal interest rate, being an...more
7/16/2024
/ Borrowers ,
Canada ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Interest Rate Caps ,
Interest Rates ,
Lenders ,
Loans ,
New Legislation ,
Popular
Centurion Apartment Properties Limited Partnership v Sorenson Trilogy Ltd., 2024 BCCA 25 -
The British Columbia Court of Appeal (BCCA) recently held that structural consultants have a prima facie duty of care to the owner...more
In late May, the Supreme Court of Canada (the SCC) denied an application for leave to appeal a decision of the Court of Appeal of Alberta (the ABCA), which, in turn, had denied leave to appeal of the decision of the Court of...more
On April 16, 2024, the Deputy Prime Minister and Finance Minister presented the Canadian Government’s 2024 budget. The government reiterated that it was “reinforcing its efforts to crack down on predatory lending, and moving...more
This week’s highly anticipated decision of the Alberta Court of Appeal in Qualex-Landmark Towers Inc v 12-10 Capital Corp, 2024 ABCA 115 [Qualex] limits the application of Orphan Well Association v Grant Thornton Ltd, 2019...more
4/11/2024
/ Canada ,
Contaminated Properties ,
Environmental Liability ,
Environmental Litigation ,
Environmental Remediation Costs ,
Land Developers ,
Land Owners ,
Property Damage ,
Property Owners ,
Reporting Requirements ,
Site Remediation
In the United States, corporate directors and, as confirmed by the Delaware Court in McDonald’s Corp. Stockholder Derivative Litigation (McDonald), corporate officers owe, as a subset of their duty of loyalty, a duty to...more
As we previously reported in April 2023 in our blog, It's Official—Proposed Criminal Interest Rate Amendments Introduced, the Government of Canada is proposing to lower the current criminal rate of interest to 35 percent. At...more
As discussed in our previous blog post, Unpaid Municipal Taxes Will Impact New AER Licenses and License Transfers, the Alberta Minister of Energy released Ministerial Order 043/2023 (the Order) on March 16, 2023. The Order...more
This is an update of our original blog dated April 24, 2023. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985 received Royal...more
On April 20, 2023, the Canadian government introduced Bill C-47, the Budget Implementation Act, 2023, No. 1 (the Bill), which includes the long awaited proposed amendments to the criminal interest rate....more
Federal Bill C-228 (the Bill), new legislation intended to improve the protection of, and to extend the super-priority given to claims relating to, defined benefit pension plans in insolvency proceedings, completed third...more
On March 28, 2023, the Alberta Government's Bill 10: Financial Statutes Amendment Act, 2023 (Bill 10) received Royal Assent. Bill 10 amends a number of key corporate statutes, including Alberta's Business Corporation Act, RSA...more
As discussed in our blog, Government Seeks Feedback on Lowering the Criminal Rate of Interest, the Government of Canada conducted consultations in respect of the criminal interest rate under the Canadian Criminal Code. We...more
The Court of King's Bench for Saskatchewan has rejected another attempt by a rural municipality to gain priority in an oil and gas receivership. This follows the recent Alberta Decision in Orphan Well Association v Trident...more
On March 20, 2023, the Alberta Minister of Energy, Peter Guthrie, released ministerial order 043/2023 (the Order). The Order, authorized pursuant to the Responsible Energy Development Act, requires the Alberta Energy...more
In the United States, corporate directors owe, as a subset of their duty of loyalty, a duty to monitor and oversee the operations of the company, referred to as the "duty of oversight" in this blog. This duty is known as the...more
3/13/2023
/ Board of Directors ,
Breach of Duty ,
Canada ,
Corporate Culture ,
Corporate Governance ,
Corporate Officers ,
Delaware ,
Duty of Oversight ,
Fiduciary Duty ,
Shareholder Litigation ,
Shareholders
The Canadian Securities Administrators (CSA) recently published its eighth annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 8 Report) (the Review). The Review outlines the CSA's...more
The government of Canada is seeking feedback on proposed changes to lower the criminal rate of interest (currently set at 60%), with a focus on high-cost installment loans. The criminal interest rate provisions in the...more
Courts Now Have More Discretion Regarding Plans of Arrangement Under Alberta's Amended Business Corporations Act -
As discussed in our previous insight, Additional Changes to Alberta's Business Corporations Act Now in...more
In recent years, there has been a distinct increase in climate-related shareholder activism with shareholder proposals and other initiatives on climate-related topics becoming prominent world-wide. On May 12, 2022,...more
The Alberta Government's Business Corporations Amendment Act, 2021 (formerly Bill 84), which we wrote on in our previous insight Additional Changes Coming to Alberta's Business Corporations Act, was proclaimed into force on...more
On March 22, 2022, Bill S-239, An Act to amend the Criminal Code (Criminal Interest Rate) went to second reading at the Senate. The Bill proposes changes to section 347(2) of the Criminal Code which would reduce the current...more
In Port Capital (EV) Inc. (Re), 2022 BCSC 370, the Supreme Court of British Columbia recently declined to grant a declaration that the interest rate and fees charged under a debtor-in-possession (DIP) loan did not violate...more
In 2021, the Government of Canada proposed regulations that would change the director election process for certain corporations established under the Canada Business Corporations Act (CBCA). For more information with respect...more