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ARTICLE · 23 JUNE 2010

Foreign Investors Must Live up to Commitments – Sanctions Upheld Under Investment Canada Act

Blake, Cassels & Graydon LLP
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On June 14, 2010, the Federal Court (Trial Division) released a decision in Canada (A.G.) v. United States Steel Corporation and U.S. Steel Canada Inc., 2010 FC 642 (US Steel Case) upholding the constitutionality of the remedies, including monetary penalties, available under section 40 of the Investment Canada Act (the decision is still subject to possible appeal).

CanadaAntitrust/Competition Law
Blakes Competition & Antitrust Group
Blakes Competition & Antitrust Group
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Competition, Antitrust & Foreign Investment, June 2010

On June 14, 2010, the Federal Court (Trial Division) released a decision in Canada (A.G.) v. United States Steel Corporation and U.S. Steel Canada Inc., 2010 FC 642 (US Steel Case) upholding the constitutionality of the remedies, including monetary penalties, available under section 40 of the Investment Canada Act (the decision is still subject to possible appeal). The decision confirms the enforceability of the undertakings that investors typically enter into with the responsible Minister under the Investment Canada Act (ICA) when the investment is subject to review.

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