Victoria Sports/Entertainment Associates v. The TD Bank, 2006 BCSC 1441
In a decision delivered on September 28, 2006, the Supreme Court of British Columbia dismissed an action against The Toronto-Dominion Bank and The Bank of Nova Scotia. A claim had been launched against them by Victoria Sports/Entertainment Associates (VSEA) for more than $6 million in expenses and tens of millions in loss of profit after the banks refused to provide credit facilities for construction of a new multiplex arena in Victoria.
The Supreme Court ultimately found that the VSEA was unable to meet a condition in the term sheets. The banks were found not to have made a negligent misrepresentation as alleged; it was found that the representation made by the bank was true.
Doug Rae and Brook Greenberg of Fasken Martineau successfully represented the banks.