Business Development Bank of Canada – 0
October 2, 2009
On September 29, 2009, Justice Pitfield of the Supreme Court of British Columbia issued his judgment in this matter. A copy of these reasons are accessible through the documents link to the right of this page.
While the Plaintiffs were partially successful in challenging certain amendments to the Plan entitling the BDC to surplus during the Plan’s currency and in requiring the repayment of certain expenses to the Plan, the Judge did not find that the BDC had breached its fiduciary duty to retirees in not providing a corresponding benefit to retired Plan members when the Plan was made non-contributory. Furthermore, the Judge did not find that payment of expenses related to the administration of the Plan out of the Fund constituted a breach of fiduciary duty.
We are reviewing the decision, and will be advising Class members through this website of further developments as they occur.