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ARTICLE · 07 MAY 2019

Summary Judgment Denied On Limitations Issue With Limited Record – Cash Store's Professional Advisors Must Proceed To Trial

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The plaintiff 1511419 Ontario Inc., formerly known as the Cash Store Financial Services Inc. ("Cash Store"), has sued its former auditor, KPMG LLP; financial advisor, Canaccord Genuity Corp.;

CanadaFinance and Banking
Laura M. Wagner
Laura M. Wagner
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The plaintiff 1511419 Ontario Inc., formerly known as the Cash Store Financial Services Inc. ("Cash Store"), has sued its former auditor, KPMG LLP; financial advisor, Canaccord Genuity Corp.; and legal advisors, Cassels Brock & Blackwell LLP (collectively, the "Defendants") in three separate actions. The lawsuits all relate to professional services provided by the Defendants to Cash Store with respect to a loan purchase and note offering in January 2012 (the "January 2012 Transaction").

Cash Store was in the business of arranging payday loans for its customers, ostensibly funded by third party lenders ("TPLs"). Cash Store has acknowledged that its management sought to maximize profits with its TPLs by circumventing payday lending laws. This scheme was concealed from the company's payday borrowers and regulators.

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