Hello again everyone and Happy New Year! I hope you all enjoyed the holidays and I wish you all the best for 2016.
Today we are posting the Ontario Court of Appeal Summaries for the three weeks of December 21 to 25, 2015, December 28, 2015, to January 1, 2016, and January 4 to 8, 2016. While there was more activity in terms of decisions released in these last three weeks than we anticipated, the Court saved its best and most noteworthy decision for last. Today, the Court released its decision in the well-known case of Livent Inc. v. Deloitte & Touche. Those familiar with the case will all recall that at trial, Justice Gans found Deloitte liable to Livent for almost $120 million in losses arising out of negligently performed audits of Livent's books and records due to the failure of the auditors to detect the Livent fraud. Deloitte appealed and Livent cross-appealed. The Court dismissed both appeals and upheld Justice Gans' judgment. Issues discussed in the decision include the purpose of audits of public companies, whether the fraud should be attributed to Livent itself, thereby exonerating the auditors as a result of the defence of illegality (ex turpi causa), causation and damages.
Other topics covered these last three weeks include family law, real estate, bankruptcy and insolvency, class actions, insurance, negligence, fraudulent conveyances, summary judgment, regulated professions, and forum non conveniens. There were also many criminal law decisions released.
Have a great weekend.
John Polyzogopoulos
Blaney McMurtry LLP
JPolyzogopoulos@blaney.com
http://www.blaney.com/lawyers/john-polyzogopoulos
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