The Court of Queen’s Bench of Alberta ordered that RBC Dominion Securities Inc. (DS) is entitled to $200,000 in costs from Larry Elford, a former advisor turned industry critic who “was unsuccessful in proving his constructive dismissal claim” following a nine-day hearing in Lethbridge, Alta.
According to the costs decision, DS asked for a costs award of more than $400,000, noting that its actual costs in the litigation amounted to almost $700,000 in a case that lasted approximately 13 years.
“Although the issues in this case were not complex, they required extensive research and detail compilation because of the multiplicity of documents and activities engaged in by the plaintiff in the period leading up to [Elford’s] exit from RBC Dominion Securities. RBC Dominion Securities needed to defend their reputation and standing in the community. They incurred a significant liability retaining counsel,” the court noted in its decision.
“Another factor is the seriousness of this suit. The amounts were enormous, the charges were grave, and the business implications considerable. If ever there was a suit that did not call for penny-pinching half measures by the defendant, this was it,” the court’s decision added.
Elford worked in the financial services sector for about 20 years. After leaving the business, he became an outspoken critic of investment industry practices and an investor advocate. He has also written extensively, spoken publicly and produced a documentary film designed to educate investors about investment industry failings.