Angry investor Chris Morgis will have to wait for his day in court with the Investment Dealers Association. Morgis is attempting to add the IDA and several of its executives as defendants in a lawsuit he has filed against the now-bankrupt brokerage house Thomson Kernaghan & Co. Ltd.
At a hearing in a Toronto court, on Friday, the presiding judge removed himself from the case citing an unspecified conflict of interest. The case will now be put over for a couple of weeks until it can be brought before a different judge.
Morgis’ lawyer, Erica Baron of McCarthy Tetrault, explained that a number of jurists were on a professional development retreat, which didn’t allow for the case to be moved to a different court.
The IDA and prospective defendants, president and CEO Joe Oliver, chairman Terry Salman and vice chair Kym Anthony were prepared to respond to Morgis’ motion to add them as defendents. They are taking the position that Morgis does not have “a reasonable cause of action” against them.
“My goal is to hold accountable those charged with the responsibility of regulating the industry. It will be unconscionable if they attempt to resist that accountability in the face of public opinion,” said Morgis after the aborted hearing.
Motion to add IDA executives as defendents in Kernaghan case postponed
Judge cites conflict of interest and removes himself from the case
- By: James Langton
- September 9, 2002 September 9, 2002
- 11:30