Case information
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40563
Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited v. Toronto-Dominion Bank
(Ontario) (Civil) (By Leave)
Docket
Judgments on applications for leave to appeal are rendered by the Court, but are not necessarily unanimous.
| Date | Proceeding | Filed By (if applicable) |
|---|---|---|
| 2023-07-25 | Close file on Leave | |
| 2023-07-20 | Copy of formal judgment sent to Registrar of the Court of Appeal and all parties | |
| 2023-07-20 | Judgment on leave sent to the parties | |
| 2023-07-20 |
Judgment of the Court on the application for leave to appeal, The application for leave to appeal from the judgment of the Court of Appeal for Ontario, Number C69642, 2022 ONCA 788, dated November 17, 2022, is dismissed with costs. Dismissed, with costs |
|
| 2023-06-05 | All materials on application for leave submitted to the Judges, for consideration by the Court | |
| 2023-03-06 | Applicant's reply to respondent's argument, (Book Form), Completed on: 2023-03-06, (Printed version filed on 2023-03-09) | Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited |
| 2023-02-24 | Certificate (on limitations to public access) | Toronto-Dominion Bank |
| 2023-02-22 | Notice of name | Toronto-Dominion Bank |
| 2023-02-22 | Respondent's response on the application for leave to appeal, (Book Form), Completed on: 2023-02-24, (Printed version filed on 2023-02-23) | Toronto-Dominion Bank |
| 2023-01-23 | Letter acknowledging receipt of an incomplete application for leave to appeal and without formal Court of Appeal order, FILE OPENED 2023-01-23 | |
| 2023-01-16 | Book of authorities, (Book Form), Completed on: 2023-01-23, (Printed version filed on 2023-01-18) | Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited |
| 2023-01-16 | Certificate (on limitations to public access), (Letter Form), 23A, (Printed version filed on 2023-01-18) | Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited |
| 2023-01-16 |
Application for leave to appeal, (Book Form), Required: - Final CA Order (rec'd 2023-04-17) - Signed CA judgment - Signed TC judgment, Completed on: 2023-06-02, (Printed version filed on 2023-01-18) |
Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited |
Parties
Please note that in the case of closed files, the “Status” column reflects the status of the parties at the time of the proceedings. For more information about the proceedings and about the dates when the file was open, please consult the docket of the case in question.
Main parties
| Name | Role | Status |
|---|---|---|
| Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited | Applicant | Active |
v.
| Name | Role | Status |
|---|---|---|
| Toronto-Dominion Bank | Respondent | Active |
Counsel
Party: Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited
Counsel
Maureen M. Ward
Nathan J. Shaheen
Alexander C. Payne
3400 One First Canadian Place
P.O. Box 130
Toronto, Ontario
M5X 1A4
Telephone: (416) 863-1200
FAX: (416) 863-1716
Email: caylorl@bennettjones.com
Agent
Suite 1900 World Exchange Plaza
45 O'Connor Street
Ottawa, Ontario
K1P 1A4
Telephone: (613) 683-2300
FAX: (613) 683-2323
Email: jewettm@bennettjones.com
Party: Toronto-Dominion Bank
Counsel
Junior Sirivar
Christine Wadsworth
Alison Bond
Erin Chesney
745 Thurlow Street
Suite 2400
Vancouver, British Columbia
V6E 0C5
Telephone: (604) 643-5983
FAX: (604) 643-7900
Email: ghall@mccarthy.ca
Summary
Keywords
Torts — Negligence — Banks — Ponzi scheme used as vehicle to defraud bank’s customers of over seven billion dollars — Upon liquidation, international bank commencing action against TD Bank, claiming it was negligent in provision of services — TD Bank found not liable for losses sustained as result of fraudulent scheme — When services of Canadian banks are used to perpetrate fraud, can a duty of care in negligence arise only if banks had actual, subjective knowledge of fraud.
Summary
Case summaries are prepared by the Office of the Registrar of the Supreme Court of Canada (Law Branch). Please note that summaries are not provided to the Judges of the Court. They are placed on the Court file and website for information purposes only.
Stanford International Bank Ltd. (“SIB”) was used as a vehicle to defraud the bank’s customers of over seven billion dollars. The respondent, Toronto Dominion Bank (“TD Bank”) acted as SIB’s primary U.S. dollar correspondent bank and was responsible for receiving funds from and disbursing funds to purchasers of SIB’s certificates of deposit.
Upon SIB’s collapse, it was placed into liquidation. The applicants, Mark McDonald of Grant Thornton (British Virgin Islands) Limited and Hugh Dickson of Grant Thornton Specialist Services (Cayman) Ltd., acting together herein in their capacities as Joint Liquidators of Stanford International Bank Limited (“Joint Liquidators”) commenced an action on behalf of SIB against TD Bank, claiming: (1) it was liable to SIB for knowing assistance in breach of fiduciary duty; and (2) it was negligent in the provision of services.
At trial, the Joint Liquidators’ action was dismissed. The Joint Liquidators appealed only from the dismissal of the negligence claim. The appeal was dismissed at the Court of Appeal.
Lower court rulings
Ontario Superior Court of Justice
2021 ONSC 3872, CV-12-9780-00CL
TD Bank not liable for losses sustained as a result of fraudulent scheme. Actions dismissed.
Court of Appeal for Ontario
2022 ONCA 788, C69642
Appeal dismissed.
Filed documents
The memorandums of argument on an application for leave to appeal will be posted here 30 days after leave to appeal has been granted unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of the memorandum by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a memorandum of argument or want to use a memorandum of argument, please contact the author of the memorandum of argument directly. Their name appears at the end of the memorandum of argument. The contact information for counsel is found in the “Counsel” tab of this page.
Downloadable PDFs
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Related links
The factums of the appellant, the respondent and the intervener will be posted here at least 2 weeks before the hearing unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of factums by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a factum or want permission to use a factum, please contact the author of the factum directly. Their contact information appears on the first page of each factum.
Downloadable PDFs
Not available
Related links
The condensed books of the appellant, the respondent and the intervener will be posted here upon receipt of the electronic version, 2 days prior to the scheduled appeal hearing. You may also obtain copies of condensed books by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a condensed book or want permission to use a condensed book, please contact the author of the condensed book directly. Their contact information appears on the first page of each condensed book.
Downloadable PDFs
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