An Ontario Superior Court judge is awarding Brewers Retail Inc. $210,000 in costs against the Financial Service Regulatory Authority of Ontario.
Justice Ed Morgan’s award followed his criticism of the regulator for defying a decision of its predecessor, the Financial Services Commission of Ontario.
One veteran pensions litigator — speaking on condition of anonymity as the case is still before the courts — says the decision is possibly the largest costs award against a pension regulator in Canadian history and the “most damning indictment of regulatory disregard of plan members’ rights” since 1986, when Dominion Stores Ltd. (now Metro Inc.) was ordered to return $37.9 million that it withdrew from its employee pension plan.
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Julius Melnitzer is a Toronto-based legal affairs writer, ghostwriter, writing coach and media trainer. Readers can reach him at [email protected] or https://legalwriter.net/contact.