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Commercial-paper ruling helps small investors
- Article from:
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Winnipeg Free Press
- Article date:
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August 19, 2008
- Author:
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Copyright informationCopyright F.P. Canadian Newspapers Limited Partnership Aug 19, 2008. Provided by ProQuest LLC. (Hide copyright information)
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By David Friend
TORONTO -- The Ontario Court of Appeal says the restructuring plan intended in part to unfreeze $32 billion of asset-backed commercial paper investments should proceed as planned -- marking a major victory for individual investors.
In the decision released late Monday, the three judges unanimously found that an earlier decision made by an Ontario Superior Court judge two months ago should be upheld.
The decision by the Superior Court had prevented ordinary corporate and individual investors from suing brokerages, financial services companies, the banks and bond rating agencies for millions of dollars in losses they suffered from the collapse of the short-term investments ...