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ARTICLE · 12 NOVEMBER 2007

Brokers’ Report (October 2007)

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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On July 24, 2007, Nolan J. of the Ontario Superior Court of Justice released his decision in <I>Paciorka v. TD Waterhouse dismissing an investor’s claim for damages against TD Waterhouse ("TD") after it made three credit sell-outs on the investor’s margin accoun

CanadaFinance and Banking
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By Carole J. Brown, with the assistance of Tamara Despres and Marc Whiteley, articled students-at-law in the Ottawa offices of Borden Ladner Gervais LLP.


Edited by David Di Paolo

THE COURTS – Paciorka v. TD Waterhouse, [2007] O.J. No. 2890 On July 24, 2007, Nolan J. of the Ontario Superior Court of Justice released his decision in Paciorka v. TD Waterhouse dismissing an investor’s claim for damages against TD Waterhouse ("TD") after it made three credit sell-outs on the investor’s margin account.

The plaintiff had opened a margin account with TD and signed a margin agreement. On three separate occasions, TD made credit sell-outs on the plaintiff’s account and on each occasion, sent a demand letter to the investor setting out the number of days the investor had to deposit either cash or stocks to cover the margin call. The investor never responded to the demand letters and did not make the requested deposits. On each occasion, TD sold more shares than required to cover the

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