The Quebec Superior Court has dismissed a malicious prosecution lawsuit against the Autorité des marchés financiers (AMF) from a notary claiming damages stemming from the Quebec regulator’s ultimately unsuccessful prosecution of him.
Pierre Legault sought more than $3 million in compensation, including loss of future income.
In the lawsuit, Legault alleged his career was damaged when the AMF brought a criminal case against him in 2012, alleging that he traded without registration and participated in an illegal distribution. The regulator also published a press release outlining the allegations.
Legault pleaded not guilty and the case ended in an acquittal.
According to the court’s decision dated Oct. 17, the AMF argued that its investigation and complaint were covered by its statutory immunity, and that the publication of a press release was done in good faith.
The court sided with the AMF; it found that Legault did not meet his burden of proof and dismissed his claim.
“The AMF has not committed any fault that transcends its immunity, whether in connection with the investigation, prosecution or publication of the press release,” the court states in a translation of its judgment.