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ARTICLE · 16 JULY 2009

Young Estate v. RBC Dominion Securities

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Young Estate v. RBC Dominion Securities, an Ontario Superior Court decision released on December 17, 2008, is a recent addition to the jurisprudence arising out of the high tech crash, which illustrates that this event continues to have legal repercussions for financial institutions today, even years after it ended.

CanadaLitigation, Mediation & Arbitration
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Article by Carole J. Brown, partner and Benjamin Shaer and Liliane Djahangir, articled students-at-law

Young Estate v. RBC Dominion Securities, an Ontario Superior Court decision released on December 17, 2008, is a recent addition to the jurisprudence arising out of the high tech crash, which illustrates that this event continues to have legal repercussions for financial institutions today, even years after it ended.

The plaintiffs, Murray Young ("Murray") and the estate of his late mother, Dorothy Young ("Dorothy"), sued the defendants, their former broker, David Houghton, and his employer, RBC Dominion Securities, after Murray and Dorothy suffered substantial losses from the plummeting value of their Nortel and other high tech stocks. Mr. Houghton had originally completed his clients' KYC forms in 1988. The plaintiffs claimed that Mr. Houghton breached his duty of care to them by failing to know his clients; update their KYC forms; recommend investments

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