Thompson v. Scotia Capital Inc.

Thompson v. Scotia Capital Inc.

The application for summary judgment was dismissed because Scotia failed to establish there were no genuine issues of material fact on discoverability; Thompson’s affidavits and the evidence raise live disputes about when the claims were or ought to have been discovered (trust in advisor, KYC, loan payments, timing of expert advice), so summary dismissal on limitation grounds was inappropriate.

Citation
2023 NSSC 409
Parties
Plaintiff/respondent: Charles Thompson; Defendant/applicant: Scotia Capital Inc./Scotia Capitaux Inc. carrying on business as ScotiaMcLeod
Court
Supreme Court of Nova Scotia
Jurisdiction
Canada
Judgment Date
14 December 2023
Procedural Posture
Civil: Negligence, Breach of Fiduciary Duty, Breach of Contract (investment/suitability) / Summary Judgment Motion to Dismiss (motion Dismissed)
Outcome
Application for summary judgment dismissed; genuine issues of material fact exist as to discoverability and limitation; action will proceed to trial.
Legal Topics
Discoverability, Summary Judgment (rule 13.04), Vicarious Liability, Limitation Periods, Suitability, Know Your Client (kyc)
Source Language
English
Civil Litigation Limitation of Actions Securities and Investments Trust and Fiduciary Duty Discoverability Summary Judgment (rule 13.04) Vicarious Liability Limitation Periods +2 more

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Parties

Charles Thompson

Plaintiff/respondent

Scotia Capital Inc./Scotia Capitaux Inc. carrying on business as ScotiaMcLeod

Defendant/applicant

Procedural Posture

Civil: Negligence, Breach of Fiduciary Duty, Breach of Contract (investment/suitability) / Summary Judgment Motion to Dismiss (motion Dismissed)

Legal Issues

  1. 1 Whether Thompson's claims against Scotia are statute-barred under the Limitation of Actions Act s.8
  2. 2 Whether the discoverability rule delayed commencement of the limitation period
  3. 3 Whether there are genuine issues of material fact that preclude summary judgment

Ratio Decidendi

The application for summary judgment was dismissed because Scotia failed to establish there were no genuine issues of material fact on discoverability; Thompson’s affidavits and the evidence raise live disputes about when the claims were or ought to have been discovered (trust in advisor, KYC, loan payments, timing of expert advice), so summary dismissal on limitation grounds was inappropriate.

Court Disposition

Application for summary judgment dismissed; genuine issues of material fact exist as to discoverability and limitation; action will proceed to trial.

Orders

  • Application for summary judgment dismissed.
  • Costs awarded to the Plaintiffs/Respondents (if parties cannot agree on costs, written submissions to be filed by January 31, 2024).