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by Mike Caswell
Scotia Capital Inc. has settled a lawsuit it faced in the Supreme Court of British Columbia over losses in the accounts of an Alzheimer's patient. The suit, filed by the Public Guardian and Trustee, claimed that Scotia Capital had allowed speculative and high-volume trading in the accounts. The activity led to $258,000 in losses, the suit stated.
The end of the case is contained in a consent order filed on Feb. 19, 2018, at the Vancouver courthouse. The order simply states that the case is dismissed, with each side to pay its own costs. Lawyers for both sides signed the order. The order does not state what, if anything, Scotia Capital paid to settle the matter.
The order ends a lawsuit filed on Sept. 28, 2017, on behalf of Gladys Eley, 92. The notice of claim described her as a patient who had been incapable of managing her own affairs since 2013. Her estate, worth $960,000, mostly ended up in two accounts at Scotia Capital. The firm was to invest it on her behalf. At the same time a judge appointed Ms. Eley's son, Kenneth Crane, to manage her estate.
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