News + Insights

Congratulations to our lawyers Simon Bieber, Jocelyn Howell and David Ionis, who successfully obtained summary judgment entirely dismissing a proposed class proceeding against the regulator of credit unions in Ontario.   

In Losak v. The Financial Services Regulatory Authority of Ontario, 2026 ONSC 804, the proposed representative plaintiff sought $20 million in damages and other relief on behalf of shareholders in PACE Credit Union – an Ontario credit union in liquidation. The claim alleged statutory misrepresentation under the Credit Unions and Caisses Populaires Act, 2020 based on a purported failure to provide offering statements alongside of inter-member transfers of PACE shares. The AGB team succeeded in establishing that no offering statements were required for the impugned transfers, the statutory cause of action was not engaged, and the proposed class proceeding thus presented no genuine issue requiring a trial. We were delighted to obtain this early, successful disposition for our client.