Trustees of the Canadian Commercial Workers Industry Pension Plan

Charges laid on June 27, 2006 against persons who were trustees of the Canadian Commercial Workers Industry Pension Plan during 2002 and 2003 for failing to exercise the care, diligence and skills in the administration and investment of the pension fund that a person of ordinary prudence would exercise and for failing to supervise the investment committee as agent of the Board in a prudent and reasonable manner and for failing to comply with certain quantitative investment limits.  First appearance July 26, 2006, second appearance August 16, 2006, third appearance September 6, 2006.  Put over to October 11, 2006.

Updated on September 30, 2006

Fourth appearance on October 11, 2006, fifth appearance November 12, 2006, put over to December 13, 2006 to be spoken to.  Judicial pre-trial scheduled for December 12, 2006.

Updated on November 30, 2006

Sixth appearance on December 13, 2006, put over to February 15, 2007 to accommodate continuation of the judicial pre-trial scheduled for February 6, 2007.

Updated on December 31, 2006

Matter spoken to on December 13, 2006.  The pre-trial conference continued on February 6, 2007.  The matter was spoken to on February 15, 2007 and March 7, 2007.  The pre-trial conference continued on April 13, 2007.  The matter is to be spoken to on May 2, 2007.

Updated on April 16, 2007

On May 2, 2007, this matter was spoken to. The pre-trial conference is scheduled to continue on September 17, 2007. The trial has now been scheduled for February 11, 2008, March 25 to 28, 2008 and April 1 to 4, 2008. The next Court appearance is on October 3, 2007.

Updated on September 5, 2007

The defendants requested an adjournment of the February to April 2008 trial dates.  The adjournment request was granted at the pre-trial conference on September 17, 2007.  New trial dates have been scheduled for September 8, 2008 to October 17, 2008 (excluding September 30, October 1 and October 9, 2008).  These dates were confirmed at the October 3, 2007, court appearance.  A further continuation of the pre-trial conference is scheduled for March 25, 2008.

Updated on October 9, 2007

The pre-trial was continued on March 25, 2008, and a further continuation of the pre-trial is scheduled for May 16, 2008.

Updated on April 16, 2008

A further continuation of the pre-trial conference is scheduled for June 24, 2008.

Updated on June 4, 2008

At the June 24, 2008 judicial pre-trial, a trial date was scheduled for August 21, 2008.

On August 21, 2008 certain of the counts relating to particular investments were withdrawn and all charges against one defendant were withdrawn on compassionate grounds.  The trial continued on September 5, 2008 and September 16, 2008.  The trial schedule was revised in light of the fact that none of the parties intended to call witnesses.  The remaining scheduled trial dates are September 19, 24 to 26, October 10, 15 and 17, 2008.

Updated on September 19, 2008

The trial continued on October 10, 15, 16 and 17, 2008 with the defence’s oral submissions.  Due to the length of the defence’s submissions, additional trial dates were scheduled as follows:  January 23 and 26, March 9, 10 and 11, 2009.

Updated November 4, 2008

The March dates initially scheduled were not, in the end, available. The remaining trial dates are now January 23, 26, 29 and February 27, 2009.

Updated on January 13, 2009

On February 27, 2009, the parties completed their oral submissions. The matter was put over to April 28, 2009, at which time the Judge is to advise if there were any additional issues on which she required further submissions and will provide an indication as to when she expected to issue her decision.

Updated on April 21, 2009

On April 28, 2009, the matter was put over to June 3, 2009.  On June 3, 2009, the Court advised the parties that it required further written submissions concerning the alleged violations of the quantitative investment limits.  The matter was put over to July 15, 2009 at which time the Court hoped to be in a position to release its decision.

Updated on June 26, 2009

On July 15, 2009 the Judge reserved her decision. The Judge requested additional written submissions from the parties on July 27, 2009 to be filed by August 4, 2009. The matter has been put over to September 22, 2009.

Updated on July 31, 2009

On September 22, 2009, the matter was put over to December 7, 2009, at which time the Court advised that it should be in a position to release its decision.

Updated on September 28, 2009

On December 7, 2009, the Court issued its judgment. The Court convicted the Trustees who were members of the investment committee with contravening the 10% quantitative investment limit in respect of investments made in certain resort and hotel properties in the Caribbean. Further, the Court convicted the Trustees who were not members of the investment with failing to adequately supervise the investment committee in a prudent and reasonable manner in respect of compliance with the 10% investment limit. The Court acquitted the Defendants on all other counts which alleged that the Trustees failed to exercise the care, diligence and skill in the administration and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person in respect of four identified investments of the Plan. The matter has put over to January 11, 2010, to be spoken to, at which time a date for the sentencing hearing will be scheduled.

Updated on December 17, 2009

On January 11, 2010, the matter put over to February 1, 2010, to be spoken to, at which time the parties anticipate that a date will be set for the sentencing hearing.

Updated on January 15, 2010

On  February 1, 2010, the matter was put over to February 22, 2010, to be spoken to, at which time a date will be set.

Updated on February 3, 2010

On February 22, 2010, the matter was put over to February 26, 2010 to finalize the scheduling of sentencing hearing.  On February 26, 2010, April 6 and 7, 2010, were scheduled for the sentencing hearing.

On February 26, 2010, the matter put over to April 6, 2010 at which time the parties will begin submissions on sentencing before the Court.

Updated on February 26, 2010

On Tuesday April 6, 2010 and Wednesday April 7, 2010, the sentencing hearing was heard at Old City Hall before Madame Justice Beverly Brown. The judge agreed with the joint proposal of the parties and imposed a fine of $18, 000 on each defendant for a total fine of $162, 000, plus victim surcharge.The defendants have 90 days to pay their respective fines.

Updated on April 21, 2010

 
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