Appellate court upholds dismissal of class action against trustee in SML schemes

By Karunjit Singh (June 19, 2023, 12:30 PM EDT) -- The Ontario Court of Appeal has upheld the dismissal of a class action, ruling that a trust company had no duty to lenders to ensure that a syndicated mortgage loan (SML)  scheme resulting in millions of dollars in losses was a qualified investment under the Income Tax Act (ITA)....