An Ontario court has ordered $20,000 in costs against former investment banker Andrew Rankin for his failed bid to set aside his settlement agreement with the Ontario Securities Commission (OSC).
Earlier this year, the divisional court dismissed Rankin’s appeal to set aside a settlement he made with the OSC concerning allegations of tipping inside information.
In a majority decision, the court ruled that the commission was reasonable in denying his bid to set aside the deal. However, a dissenting opinion said that he’s entitled to a new hearing.
Now, the court has ruled that the commission is entitled to costs of the appeal. “This appeal does not raise any issue of broad public interest. Nor does the conduct of staff during the settlement negotiations warrant the denial of costs to the commission despite its success on the appeal,” it says.
It determined that $20,000 is a reasonable amount for costs, and orders Rankin to pay that amount to the commission.