Legal business Quebec Quebec Superior Court Rulings

Quebec notaries and lawyers lose legal battle against title insurers

The governing bodies of the Quebec legal and notary professions lost a suit against American-based insurers after Quebec Superior Court held that they did not overstep their bounds in preparing, registering and discharging mortgages on real estate.

In an eagerly-awaited decision that highlights the growing impact of technology on the legal profession, Justice Chantal Chatelaine held that insurers that offer title insurance do not practice law, do not provide legal opinions, and do not prepare or draw up mortgages.

“The importance of the case has to do with the obstacles which can be put in the way of modernization and efficiency,” remarked Simon Potter, Ad. E., a Montreal lawyer with McCarthy Tétrault LLP who successfully plead the case on behalf of FCT Insurance and First Canadian Ltd, part of the global company FAF International.…

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Business Court of Quebec Quebec White-collar crimes

Montreal man ordered to pay largest fine ever issued for Quebec securities offences

A Montreal man was fined $11.2 million, the largest fine ever issued in Quebec for securities offences, and sentenced to a three-month jail sentence for fraudulent penny stock practices commonly referred to as “pump and dump” scheme.

Jean-François Amyot is among one of five people and two companies that plead guilty to charges laid against them by the Quebec financial watchdog, Autorité des marchés financiers, nearly three years ago during a trial earlier this year.…

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Business Internet Quebec

Quebec financial watchdog raids offices of man prohibited from promoting PlexCoin

The Quebec financial watchdog raided last week the offices of Dominic Lacroix, a Quebec City man who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin.

The raid turned up a list of people from around the world, including Quebec, the U.S., and Africa, who expressed an interest in investing in PlexCoin, said Sylvain Théberge, a spokesperson with the Autorité des marchés financiers (AMF), the regulatory and oversight body for Quebec’s financial sector.…

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Court of Quebec Legal business Quebec Quebec Superior Court

Quebec Superior Court judges launch suit against governments

In an extraordinary development at a time when the justice system in Quebec is grappling with the after-effects of the landmark Jordan ruling, Quebec Superior Court judges have launched a suit against the federal and provincial government over the exclusive jurisdiction of the Court of Quebec in some civil matters.

The suit against the Attorney General of Canada and Quebec is seeking a declaratory judgment to determine whether the Quebec government has violated the Constitution Act, 1867 by giving the provincial court exclusive jurisdiction to hear claims over $10,000.

The constitutional challenge, initiated by Quebec Superior Court’s chief justice, senior associate chief justice and associate chief justice, also questions whether the Court of Quebec has the jurisdiction to hear appeals from administrative tribunals.…

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Family law Quebec Rulings Weekend reads

Ex-wife of wealthy businessman author of her own misfortune

In the end she was done in by spite, and greed.

She is the ex-wife of a wealthy Quebec businessman who had sought to maintain an exceptionally privileged and luxurious lifestyle, and fought tooth and nail. She hired and fired more than half a dozen lawyers all the while waging a relentless, and ultimately, vain legal battle to find hidden assets ostensibly stashed away by her husband. She frittered away about $4 million in legal and expert expenses, only for the case to be heard ex parte. She did not show up at trial nor was she was she represented by a lawyer.…

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Business Internet Quebec

Quebec financial watchdog considering its options over PlexCoin

Quebec’s financial watchdog is considering handing over the case involving Dominic Lacroix and his companies, who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin, to police authorities.

The Autorité des marchés financiers, the regulatory and oversight body for Québec’s financial sector, is also considering launching penal proceedings against Lacroix and his companies, said Sylvain Théberge, AMF’s spokesperson. Such proceedings would take place before the Court of Quebec, a provincial court.

“We are talking about thousands of persons who have shown an interest in this system,” said Théberge, adding that a decision as to whether to call in police or refer the matter for penal proceedings will take place this week. “We are extremely concerned. It seems to us, until the contrary is proven, that investors may become involved in a high-risk investment.”…

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Aboriginal law Canada

Supreme Court of Canada clarifies duty to consult

The Supreme Court of Canada shed new light on the Crown’s constitutional duty to consult with Aboriginal communities and clarified the role and obligation of decision-making bodies in two separate decisons that has the potential of providing greater predictability for natural resources companies seeking regulatory approval.

In companion decisions, the nation’s highest court handed mixed results to Inuit and First Nations groups who challenged decisions by the National Energy Board (NEB), a regulatory agency.…

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Class actions

Two separate class action suits launched against German carmakers alleging collusion

Days after the German news magazine Der Spiegel reported that for two decades more than 200 managers and engineers of three large German automakers met in 60 different task forces to secretly coordinate the “development of cars, costs, suppliers, and markets,” back-to-back class action lawsuits were launched in Quebec and Ontario.

In a suit filed this week before Quebec Superior Court Montreal class representative Nick Bountounis alleges that the carmaker’s alleged anticompetitive and illegal price-fixing led to artificially inflated prices for the vehicles.

In Ontario a $1.1 billion class action suit was filed this week on behalf of all Canadians, excluding Quebec residents, who purchased or leased vehicles from the German car manufacturers beginning in the mid-1990s until present.

In the meantime, European Union antitrust regulators are apparently investigating allegations of a cartel among a group of German carmakers.…

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Business

Fintech adoption in Canada doubles but still lags rest of world

Fintech adoption in Canada has doubled over the past two years but Canada still lags behind most of the world in adopting services from online financial providers.

Only 18 per cent of Canadian digitally active consumers have used two or more fintech services in the last six months, compared to 33 per cent globally, according to Ernst & Young LLP’s 2017 FinTech Adoption index.

Canadians haven’t used a fintech because they likely don’t know of any, according to the study. Twenty-two per cent of respondents reported they had not heard of any fintech. That remains however a significant improvement over two years ago when nearly one in two Canadians professed ignorance about fintechs.

But there are other reasons why Canadians have not taken to fintechs like elsewhere.…

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Business Internet Quebec Rulings

New virtual currency targeted by Quebec financial watchdog

The Quebec Financial Markets Administrative Tribunal issued a series of expansive ex parte orders prohibiting Dominic Lacroix and several of his companies from promoting and soliciting investors for a new virtual currency set to be launched.

The Tribunal, at the request of Quebec’s financial watchdog, issued a broad order barring Lacroix, DL Innov inc., Gestio inc., PlexCorps, and PlexCoin from engaging in activities for the purpose of directly or indirectly trading in any form of investment covered by the section 1 of the Quebec Securities Act, either in Quebec or from Quebec to outside of the province. Section 1 describes a wide range of forms of investment, including securities, instruments, deposits of money, shares in an investment club, and options or non-traded derivatives.

The Tribunal also ordered them to pull out advertisements or solicitations on the internet over any securities or investment vehicles, and to shut down the site plexcorps.com and plexcoin.com – or at the very least make them inaccessible to Quebec consumers.

The Tribunal also ordered Facebook Canada Ltd. to shut down the Facebook pages of PlexCorps and PlexCoin. Facebook declined to comment. "We can’t share details about cases," said a spokesperson.…

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