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Foreclosure Issues In The CIBC Wood Gundy Case

824 Words4 Pages

There were a number of serious disclosure issues in this case that had to be resolved which in turn led to other, fairly large, party discoveries. CIBC’s defense to the wrongful dismissal of Mr. Saturley is just cause. Mr. Saturley was accused of causing trades for many clients without their consent, and that he had performed a task which was outside of his duties to perform. Throughout the trial Mr. Saturley had been pushing for details of the accusations towards him. CIBC Wood Gundy responded to Saturley’s actions by saying that it intends to prove that he performed trades on behalf of numerous clients who did not, give him authority to do so. Mr. Saturley refused to admit that the alleged unauthorized trading proved just cause for his …show more content…

Along with the list they also disclosed documents in its possession respecting that client. Despite their willingness the provide proof of their just cause, this resulted in proving that CIBC Wood Gundy did not anticipate proving isolated incidents of unauthorized trading. The motion for particulars was eventually dismissed, except for the fact that Mr. Saturley was authorized to produce the correspondence at trial as particulars of the CIBC Wood Gundy defense. The same subject is now brought forward under the Rules for discovery and disclosure. Ms. Wilma Ditchfield is a senior official of CIBC Wood Gundy, she was closely involved in the events leading up to Mr. Saturley's dismissal, and she is the person designated under the Rules to manage disclosure by the defendant in this suit. She confirmed that Saturley made a large numbers of trades for many clients without being granted their confirmed consent for such trades. (Saturley v. CIBC World Markets Inc., 2011 NSSC 310 (CanLII), …show more content…

Regardless, Saturley was well aware of the his positions code of ethics, as well as the seriousness of unauthorized discretionary trading. It turns out that this is not the first time he had been punished for such actions; he had also been reprimanded for discretionary trading in 2004, investigated again in 2007 and had received numerous CIBC bulletins warning against discretionary trading. He had several warnings, and yet continued to perform such

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