Welcome to Cases That Should Have Gone to the Supreme Court of Canada, But Didn’t! This week, lawyer Kyla Lee discusses securities regulation.
Acumen Law Corporation lawyer Kyla Lee gives her take on a made-in-Canada court case each week and discusses why these cases should have been heard by Canada’s highest court: the Supreme Court of Canada.
Ms. Dean was a securities regulator who worked for a firm called Hampton Securities Ltd. Hampton asked her to add an additional $50,000 to her trading account to cover any potential losses she might incur in the course of her trading. They told her to add this money to her account because she had losses that exceeded the value in her account at that point in time. Rather than do this, Ms. Dean just didn’t show up for work. As a result, she was terminated from her contract and any time a securities trader is terminated from their contract, a report has to be filed with the securities regulator.
In the report, Hampton had alleged that Ms. Dean fraudulently traded securities and had incurred losses in a manner that was detrimental to her clients and acted negligently. Ms. Dean sued, claiming that there was wrongful dismissal, that she was owed money and that the report was not correct. Ultimately, she was successful in her lawsuit.
The Supreme Court of Canada had the opportunity to hear this case and determine what constitutes appropriate reporting. This was a missed opportunity to focus in on an issue that was aimed directly at the protection of the public, something that is of national importance.
Watch the video for more.
