ARTICLE · 06 JANUARY 2016

How The CEO Stole Business

Norton Rose Fulbright Canada LLP

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The former CEO of Imperial Parking Canada Corporation ("Impark") was recently ordered by the BC Supreme Court to repay $1.2 million he received in severance pay after he was found to have breached his fiduciary duties to Impark.

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The former CEO of Imperial Parking Canada Corporation ("Impark") was recently ordered by the BC Supreme Court to repay $1.2 million he received in severance pay after he was found to have breached his fiduciary duties to Impark. The CEO as well as individual and corporate defendants were also ordered to disgorge all profits earned by GoPark (the new company they started to compete with Impark) between January, 2012 and March, 2014.

The Court's decision in Imperial Parking Canada Corporation v. Anderson, 2015 BCSC 2221 was premised on the fact that Herbert Anderson, Impark's former CEO, was a fiduciary and therefore he owed greater duties to Impark than a "mere" employee would owe to his or her employer.

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