Is Expert Evidence No Longer Necessary In Investor Loss Cases?

In Cunningham v. Wiltzen, the Alberta Court of Appeal recently dealt with an appeal of a trial judge's findings regarding an investment adviser's liability for breach of his duty of care.

Background: The evidence at trial was that Alan and Alayne Cunningham (the "Cunninghams") had made a number of high risk investments in two specific stocks, primarily through their adviser, Mr. Wiltzen ("Wiltzen"). The Cunninghams argued they were unsophisticated investors, who were not made aware of the risks of the two investments, nor were they told to diversify, and they did not find out until years after making the investments that their adviser had been negligent.

Wiltzen, on the other hand, argued he was a mere order-taker, and had not breached any duty of care.