Recent Developments
The defendants have brought a motion seeking leave (permission) to appeal from the decision of Madam Justice Lax.
The motion for leave will be heard on March 24, 2010 at Osgoode Hall, 130 Queen Street West, Toronto, Ontario.
If the defendants' motion is granted, then the Divisional Court will hear an appeal.
If the defendants' motion is dismissed, the order of Madam Justice Lax becomes final and the action will move forward as a class proceeding.
Certification of Action
This action was certified as a class proceeding by the Honourable Madam Justice Lax pursuant to reasons for decision issued January 19, 2010.
Click Here to Read the Reasons for Decision of Madam Justice Lax
The plaintiffs' motion seeking certification of this action as a class proceeding was argued in Toronto June 23, 24 and 25, 2009.
At that time, the Gift Program Defendants sought an order staying the action.
Fraser Milner Casgrain LLP sought an order dismissing the plaintiffs' action.
Subject to any rights of appeal, the action will now move forward as a class proceeding.
Further updates will be posted here shortly.
Overview of Claim
A Statement of Claim was issued in the Ontario Superior Court of Justice in Toronto on February 27, 2008 claiming damages for breach of contract and negligence relating to the Banyan Tree Foundation Gift Program.
The action is brought under the Class Proceedings Act, 1992 on behalf of the class of persons who participated in the Banyan Tree Gift Program for the taxation years 2003 - 2007.
The Statement of Claim, which contains allegations which have yet to be proven in Court, alleges that Promittere Capital Group Inc., Promittere Asset Management Ltd. and Banyan Tree Foundation, with the assistance of Rochester Financial Limited, developed, promoted, sold and administered a gift program under which participants borrowed money to make charitable donations in order to receive charitable donation receipts and concomitant tax credits.
Participants borrowed substantially all of the funds donated and actually paid in cash only a small portion of the total donation amounts.
Law firm Fraser Milner Casgrain LLP is also named in the lawsuit as it is alleged that it issued favourable tax opinion letters which were a necessary pre-requisite to the promotion of the gift program to participants.
We are compiling a database of individuals who participated in the Banyan Tree Foundation Gift Program for the taxation years 2003 - 2007.
If you have not already contacted us, we would appreciate hearing from you as it may assist us in pursuing this claim.
You may contact us by e-mail, telephone, mail, courier, fax, etc.
CERTIFICATION DOCUMENTS
Click Here to Read Motion Record re certificaiton
Click Here to Read Supplementary Motion Record
Click Here to Read Affidavit of Margaret Sanderson
STAY MOTION OF GIFT PROGRAM DEFENDANTS
Click Here to Read Motion Record re stay of action
DOCUMENTS
Click Here to Read Statement of Claim
Click Here to Read Press Release
NEWS ARTICLES
Click Here to Read The Spectator Article - July 14, 2008
Click Here to Read Law Time Article - March 9, 2009
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