The Canadian Commercial Workers Industry Pension Plan(CCWIPP)and others are facing a lawsuit from California-based Case Financial.
The company claims fraud arose out of their conduct with respect to prior litigation over agreements to purchase a waterfront hotel property in the Bahamas.
The suit alleges that the defendants made fraudulent misrepresentations intended to induce Case Financial to rely and act on these misrepresentations and enter into a settlement agreement resolving the prior litigation.
It also alleges that the defendants knowingly concealed facts that would have had a material impact on the decision to enter into that settlement agreement.
In January, a claim was been filed by two grocery store retirees and an employee in an Ontario court that sought class-action status for about 300,000 beneficiaries of the CCWIPP. To read that story, click here.
And last year, the Financial Services Commission of Ontario(FSCO)brought 15 regulatory non-compliance charges against the plan.
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