Here are the top reads on deals and financial services over the last 24 hours
Investors launch lawsuits against three Canadian banks: Two Ontario-based law firms, Siskinds LLP and Bates Barristers P.C., have filed three proposed class actions against the asset-management divisions of Royal Bank of Canada, Bank of Montreal and National Bank of Canada. The suits claim that investors who bought the firm’s mutual funds through discount brokers were overcharged because certain funds paid a trailing commission that included a fee for advice. Story (Clare O’Hara, for subscribers)
Amaya insider trading case dismissed: Ontario’s top securities regulator has dismissed an insider-trading case tied to Amaya Inc.'s US$4.9-billion takeover of the PokerStars owner, ending a multi-year probe that accused four people of illegal behaviour. Story (Tim Kiladze, for subscribers)
Nova Scotia judge grants stay for embattled crypto exchange Quadriga: An encrypted laptop and memory stick could hold the keys to $180-million in missing cryptocurrency, a Nova Scotia court heard Tuesday. Justice Michael Wood of the Nova Scotia Supreme Court issued a 30-day stay of proceedings against Canadian virtual trading platform QuadrigaCX, shielding the floundering company from legal action from panicked customers collectively owed $250-million. Story (Jessica Leeder, Joe Castaldo, Alexandra Posadzki, for subscribers)
OSFI official defends mortgage stress test: Carolyn Rogers, the assistant superintendent for regulation at the Office of the Superintendent of Financial Institutions (OSFI), shows no sign of wavering in the regulator’s conviction that a stress test on new mortgages has been a necessary check on loose lending. She is defending the test against an array of criticisms, arguing it has improved lending standards across the industry. The stress test has attracted intense public scrutiny since it was introduced 13 months ago, including calls from some mortgage professionals and politicians to relax its terms or scrap it entirely. Story (James Bradshaw, for subscribers)
Battered oil patch could face further financial woes after Supreme Court cleanup ruling: Canada’s battered oil patch could face another financial hit as banks assess whether to reduce producers’ borrowing capacity after a top court judgment that ranks environmental cleanup above secured creditors’ claims in bankruptcy cases. The ruling in what is known as the Redwater case could bring further chill to an industry in which the ability of companies, especially smaller ones, to borrow money has shrunk through four years of weak prices for oil and gas and squelched cash flows. Story (Jeff Jones, for subscribers)
Caisse suspends executive Martine Gaudreault over partner’s alleged links to organized crime: Canadian pension fund manager Caisse de dépôt et placement du Québec has suspended an executive following the publication of a newspaper story questioning her partner’s links to a reputed Montreal organized crime family. The Montreal-based pension fund said Tuesday it suspended Martine Gaudreault, a vice-president working with Otéra Capital, a Caisse subsidiary active in commercial real estate financing. Story (Nicolas Van Praet, for subscribers)
Canadian entrepreneur Doug Putman buys 100 HMV stores in U.K. in bet on music store revival: Canadian entrepreneur Doug Putman is making a big bet on the return of old-fashioned vinyl records after snapping up 100 HMV music stores in the United Kingdom and more than doubling the size of his Sunrise Records chain. Mr. Putman emerged on Tuesday as the winning bidder for what’s left of the iconic music retailer, which filed for bankruptcy protection in Britain on Dec. 28. Story (Paul Waldie, for subscribers)
MORE FINANCIAL SERVICES NEWS
Brexit: Britain’s financial services industry has emerged largely unscathed so far from the buildup to Brexit, with about 2,000 roles expected to have moved or been created overseas even as the risk of a disorderly exit grows, a new Reuters survey showed. Story (for subscribers)
World Bank: The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the U.S. nominee to lead the development lender, people familiar with the decision said on Monday. Story (for subscribers)
MORE DEALS NEWS
Téo Taxi: The head of media conglomerate Quebecor Inc. has confirmed his personal financial interest in restarting insolvent electric transportation firm Téo Taxi, provided that certain rules about the industry are changed. Story (for subscribers)
Fertilizer sector: Canadian fertilizer and farm supply dealer Nutrien Ltd said on Tuesday it would buy Actagro LLC, a privately held maker of soil and plant health products, in a deal valued at $340-million. Story (for subscribers)
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