July 24, 2017
On July 20, 2017, the Supreme Court of Canada denied the application for leave to appeal of a dissenting LTD Beneficiary with respect to the Canadian Plan of Compromise (the Plan).
This decision follows on the denial of leave to appeal by the Ontario Court of Appeal from the decision of the Superior Court of Justice (Commercial List) to sanction the Plan. At the Superior Court, two dissenting LTD Beneficiaries sought to amend the Plan to set aside CA $44 million while the court reconsidered a 2010 Employee Settlement Agreement, which they alleged violated their Charter rights. The Superior Court declined to do so and sanctioned the Plan without further amendments.