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Client Work

Larkin v. Johnson (Trustee of BC Credit union employee pension plan) 2019 BCSC 164

Fasken
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Client

Trustees of the British Columbia Credit Union Employees’ Pension Plan

Fasken is counsel for the trustees of a pension plan in a claim brought by four of the plan’s members. The pension plan is a multi-employer pension plan registered in British Columbia with approximately 25 participating employers. The plaintiffs are members of a defined benefit division of the plan. The claim alleges that the trustees breached common law and statutory fiduciary duties to the plaintiffs by amending the plan to increase the normal retirement date under the plan and in relation to the appointment of individuals to the board of trustees.  The claim raises novel issues regarding the extent of the duty owed by trustees to consult with pension plan members and whether courts will intervene in matters that fall within a trustee’s discretion.

Recently, Fasken was successful in an application for a confidentiality order in this action. Although there is an implied undertaking of confidentiality in all proceedings, given the nature of this case, including the fact that co-counsel for the plaintiffs is legal counsel for the BCGEU, the court agreed that there was an increased risk of information being misused, which would cause harm to the defendants. 

Fasken was counsel to the defendents with a team led by Tracey M. Cohen, QC and included Kendal Paul.

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