On November 15, 2024, the President of a Canadian food concession supplier was successful in his application for oppression and breach of fiduciary duty.
The court found that the respondent abused his powers under a Power of Attorney granted by the President to take for himself the President’s shares in the company. The court further found that the respondent acted oppressively by acting in his capacity as director to approve the transfer of the shares, remove the President as a director of the company, and replace the President as the company’s President and Secretary.
The President was also successful in responding to the respondent’s counter-application, which sought the enforcement of an agreement between the parties. The court disagreed with the respondent’s interpretation of the agreement and found that the respondent’s claim was statute-barred.
Fasken acted for the President of the Canadian food concession supplier with a team comprised of Kimberly Potter and Carolyn Flanagan.
Jurisdiction
- Ontario
