Our Work

Simon Bieber, Jocelyn Howell, and David Ionis successfully defended FSRA, the regulator of credit unions in Ontario, in obtaining summary judgment entirely dismissing a proposed class proceeding against FSRA in relation to the regulatory administration of Pace Savings and Credit Union Limited.

The proposed representative plaintiff sought $20 million in damages and other relief on behalf of shareholders of PACE 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.