Is a claim against the Directors of the Financial Conduct Authority (FCA) allowed to proceed?
Ontario, Canada
The following excerpt is from Cannon v. Funds for Canada Foundation, 2012 ONSC 399 (CanLII):
The plaintiff argues that the claim against the FFC Directors should be allowed to proceed because it falls within the principle that “novel” claims should be allowed to proceed. There is nothing novel about this area of the law. The principle that directors owe a duty to the corporation and not to others goes back to Foss v. Harbottle (1843), 67 E.R. 189.
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