In what circumstances will a mortgage investment corporation be successful in its claim for mismanagement and return of fees?
British Columbia, Canada
The following excerpt is from EY Holdings Ltd. v. Great Pacific Mortgage & Investments Ltd., 2017 BCCA 405 (CanLII):
In this case, I would frame the issue that was before the chambers judge in this way: Is it plain and obvious that the rule in Foss v. Harbottle is a complete answer to the mismanagement and return of fees claims against the appellant? If the answer is Yes, the law dictates that these claims must be dismissed. If the answer is No, either because the rule does not apply to mortgage investment corporations or may not apply to the circumstances pled, the case must proceed to trial.
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