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Canada’s highest court upholds ruling that Donald Trump did mislead investors

Posted on March 11th, 2017 at 15:59 by John Sinteur in category: News -- Write a comment

[Quote:]

The “cornerstone” of the plantiffs’ claims, Justice Rouleau said, was a document that was presented to each of them outlining the “estimated return on investment”.

Both Mr Singh and Ms Lee said they relied heavily on the estimates provided to them in making their individual decisions to purchase their respective properties.

But “as it turned out, the estimates bore no relation to financial reality. The motions judge found as a fact that the estimates were ‘deceptive documents’ and ‘replete with misrepresentations of commission, of omission, and of half-truth’,”Justice Rouleau said.

The Ontario Court of Appeal ruled in favour of the investors, ordering that the sale of the unit must be rescinded for Singh and damages must be paid to Lee for “negligent misrepresentation”.

  1. This is not an unusual story in Canada, I’m sorry to say. People with relatively small incomes are borrowing way too much in the hope of a get-rich-quick scheme that won’t blow up. I am not saying that the Trump franchisees are blameless (clearly not) but parts of Canada are consumed with the idea that speculating on real estate is going to make them rich…we didn’t learn anything from the US housing bust, it appears…

    Vancouver’s market may already be in meltdown. Toronto’s is still going up exponentially. Here’s Garth Turner last week:
    http://www.greaterfool.ca/2017/03/10/balls-2/

  2. If the most valuable element on Earth is water, Canada is indeed rich.

  3. @will: Have you taken a look at the oceans? There’s a lot of water!
    A solar powered RO filter and you can even drink it 🙂

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