Success In Precedent-Setting Cross-Border Discovery Motion
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Eric Hoaken, Ian Matthews and Fahad Siddiqui were successful as the lead lawyers in a motion brought by a number of global financial institutions in a proposed $1 billion class action alleging price-fixing in the market for foreign exchange instruments. The motion arose out of the plaintiffs’ attempt to compel discovery in the United States from a non-party for use in the Ontario proceeding by means of a parallel ex parte legal process that the plaintiffs initiated in the United States. Justice Perell, observing that the motion could be considered a precedent-setting “matter of first instance” in Canada, accepted LOLG’s arguments made on behalf of Standard Chartered plc, and ordered the plaintiffs to obtain authorization from the Ontario court before taking any further steps to obtain discovery through extra-jurisdictional procedures for use in the Ontario proceeding. A copy of the decision, released January 5, 2017, is available here: mancinelli-v-royal-bank-of-canada-challenge-subpoenas-january-5-2017