SCC Turns Thumbs Down on ABCP Appeal

DISMISSED WITHOUT COSTS / REJETÉES SANS DÉPENS

Jean Coutu Group (PJC) Inc. et al. v. Metcalfe & Mansfield Alternative Investments II Corp. and Other Trustees of Asset Backed Commercial Paper Conduits Listed in Schedule “A” to this application et al. (Ont.) (Civil) (By Leave) (32765)

(The motion to expedite the applications for leave to appeal brought by the Respondents on August 27, 2008, is granted. The applications for leave to appeal and other relief sought from the judgment of the Court of Appeal for Ontario, Number C48969 (M36489), 2008 ONCA 587, dated August 18, 2008, are dismissed without costs.

Coram: LeBel / Fish / Charron

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Comments

  1. How could the SCC effectively dismiss all actions against parties breaching their obligations under contract without ever even hearing what some of those breaches, negligence and fraudulent misrepresentation were conducted? It appears that the whole process was engineered by the large holders of the paper – the Caisse, National Bank, Public Service Pension Board and the rest of the 17 orginal “standstill” parties, in order to pull as many other investors into this mess. They themselves held more than 2/3 of the paper – and realized even CPP avoided it like the plague. The rest of us didn’t, having only hopelessly clueless brokers jamming the stuff into our portfolios because of the bonuses proposed by their masters. And to let the banks, DBRS, etc go free, in exchange for them advancing some funds to carry on the process, only to be first in line to recover when whatever can be received from the maturity, stinks to high heaven.

  2. The answer Robert is that the SCC maintains careful control over its caseload, and can’t ever be assumed to be bound to look at an appeal simply because of its impact. That is a factor but so would be the cases below. The case was well argued here in the Court of Appeal, in Justice Colin Campbell’s reasons, in the Apollo Trust reasons, in Colin Campbell’s endorsement and related Apollo Trust endorsement and earlier proceedings

    Given the results below, the SCC’s decision wasn’t surprising.