What is the effect of fees charged to the REIT by CIBC and the allegedly improvident sale of shares by Everest?
British Columbia, Canada
The following excerpt is from Everest Canadian Properties Ltd. et al. v. Mallmann et al., 2006 BCSC 270 (CanLII):
The essence or substance of this claim is the diminution of the value of the shares in the REIT held by Everest as a consequence of the fees charged to the REIT by CIBC and the allegedly improvident sale. Such a claim, if brought by a shareholder, would clearly be derivative or consequential and attract application of the Foss v. Harbottle rule.
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