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ARTICLE · 23 OCTOBER 2009

Brokers´ Report - October, 2009

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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Two recent cases, Mazzarolo v. BMO Nesbitt Burns ltée and Gale v. ScotiaMcLeod, are more examples of case law that emerged from the high tech crash.

CanadaFinance and Banking
Carole Brown
Carole Brown
Roberto Ghignone
Roberto Ghignone
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Edited by David Di Paolo

Two recent cases, Mazzarolo v. BMO Nesbitt Burns ltée and Gale v. ScotiaMcLeod, are more examples of case law that emerged from the high tech crash. These cases illustrate the importance of knowing your client and keeping updated records of a client's investment objectives and risk tolerance. While this lesson is neither new nor groundbreaking, it is worth repeating.

Mazzarolo v. BMO Nesbitt Burns ltée

Mazzarolo v. BMO Nesbitt Burns ltée was decided in Quebec Superior Court on January 30, 2009. The plaintiffs, Mr. Mazzarolo and his three companies, sued the defendants, their former brokers, Michael Lazarus and Clifford Albert, and their employer, BMO Nesbitt Burns, after suffering substantial losses from the rapid decline in value of their portfolios. The plaintiffs claimed that the brokers failed to follow the plaintiffs' instructions and stated investment objectives. Moreover, the accounts were alleged to contain an unsuitable

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