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ARTICLE · 26 APRIL 2010

S. Maclise Enterprises Inc. v. Union Securities Ltd.

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The Alberta Court of Appeal recently revisited the issue of broker negligence and investor contributory negligence in S. Maclise Enterprises Inc. v. Union Securities Ltd., which was decided on December 18, 2009.

CanadaStrategy
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Gordon Johnson
Isabella Massimi
Isabella Massimi
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David Di Paolo
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The Alberta Court of Appeal recently revisited the issue of broker negligence and investor contributory negligence in S. Maclise Enterprises Inc. v. Union Securities Ltd., which was decided on December 18, 2009. The plaintiff, S. Maclise Enterprises, had appealed against a finding of the Alberta Court of Queen's Bench that it was contributorily negligent for losses suffered after investing in Cenpro Technologies Inc ("Cenpro"), and the defendants, brokers Terry Ferguson and Tom Hochhausen, and their employer Union Securities Ltd., cross-appealed against the finding that they were negligent.

The source of the dispute was the loss of $200,000 invested by S. Maclise Enterprises in Cenpro Technologies, which subsequently declared bankruptcy. S. Maclise Enterprises was an investment company used by Sharon Maclise. She was the sole shareholder and director. Ms. Maclise was an accomplished businesswoman, who at one time owned her own RE/MAX franchise, and later administered

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