July 19, 2017
The Supreme Court of Canada recently confirmed that aggrieved investors can seek compensation under the oppression remedy, not just from the company as a whole, but from individual company directors.
The case which prompted this clarification is Wilson v. Alaharayeri, in which a former CEO brought an oppression claim against four company directors because of an intentional failure to convert his shares following his resignation.
The Financial Post referenced the work of partner and litigation expert Andrew Gray and senior associate Jeremy Opolsky to emphasize the gravity of the Supreme Court’s decision in this case. Gray and Opolsky said, “[t]he SCC held that this case was an appropriate instance for a personal remedy, affirming an order requiring two directors to pay a minority shareholder approximately $650,000.”
To read the full article, click here.
To read our detailed bulletin discussing this case and the SCC’s ruling, click here.