Dec 31, 2015
The December Month End Report: 1. Regarding the law suit on behalf of 122 plaintiffs, we still have no decision. Class members will recall that this appeal was argued before three judges of the Federal Court of Appeal in Toronto on November 17. The government asserts that this law suit against CRA has no chance of success. Two judges, a Prothonotary and a Justice of the Federal Court, have both found against the government’s position and the government has appealed once again to the Federal Court of Appeal. 2. Four lawyers in our office have been working on the issuance of the class action. In addition to suing CRA we intend to sue some of the promoters, a number of lawyers, law firms, accountants, accounting firms, and appraisers. By suing these others, which we think is viable, we widen the net for what we hope will be effective recovery on behalf of the class. This is a separate action from the law suit on behalf of the 122 plaintiffs. 3. The work involved in connection with the claim has been more time consuming and complex than we originally expected. We had thought issuance of the claim in December might be possible. We want to do things correctly and not put doing things quickly ahead of issuing the best claim we can. More time has been needed than was expected. 4. 2,431 have provided $500 and signed retainer agreements to fund the expenses and, in smaller part, the fees in taking this battle to CRA. I am even more confidant of recovery than I was when we undertook to act on these two actions. 2,431 is impressive. And as more people join, that number will continue to grow to the benefit of the class. Yours truly, E.F. ANTHONY MERCHANT, Q.C. MERCHANT LAW GROUP LLP |