Stockwoods lawyers successfully argue that OSC should set aside TSX ruling

Stockwoods partners Paul Le VayJohanna Braden, and Owen Rees, on behalf of CI Financial Corp.(“CI Financial”), successfully argued that the Ontario Securities Commission (“OSC”) should overturn a Toronto Stock Exchange (“TSX”) ruling that would have allowed the Bank of Nova Scotia to vote on the continuation of CI Financial’s shareholder rights plan, contrary to the express terms of the plan. The OSC ruled that the TSX had exceeded its jurisdiction and upheld the terms of CI Financial’s shareholder rights plan, which provide that only independent shareholders of CI are entitled to vote on a resolution ratifying the continued existence of the Plan at the 2011 Annual General Meeting.