On February 13, 2004, TD Waterhouse Canada Inc. was successful in having a more than $550,000 claim by Francesco Labricciosa, a retail client, against its discount arm dismissed with costs.
Labricciosa had claimed that the operation of his margin account had been misrepresented to him, and had sought to recover, from TD Waterhouse, the substantial investment losses from his leveraged purchases of Nortel Networks Ltd. stock. Justice Robert Sutherland of the Superior Court of Justice held that Labricciosa had not established that it made any misrepresentations, and that TD Waterhouse had not been in any way negligent in its handling of Labricciosa’s account.
TD Waterhouse was represented by Laura Paglia of Torys LLP. Francesco Labricciosa was represented by Steinberg Morton Frymer LLP, with a team led by James Morton, and assisted by Charles Cooke.