Bitcoin surge doesn’t affect damages, B.C. court says Share this article and your comments with peers on social media The question of who owns the client — an advisor, or their firm — has long bedeviled the investment industry. Now, an Ontario court says that a trial is necessary to decide the question of whether a deceased advisor’s estate has a claim to ownership of his book. The Ontario Superior Court of Justice has declined to dismiss a claim brought by the estate of a deceased advisor against his former firm over the value of his book. In its decision, the court said the defendants in the case, Union Securities Ltd., didn’t meet the onus of showing there’s no genuine issue for trial, and that “complete discoveries and a trial are needed” to determine the issue of the ownership of the accounts and, if necessary, the value of those accounts. It dismissed the firm’s motion for summary judgment. According to the decision, Allen Eisen was an investment advisor with Union Securities when he died on January 4, 2010. He had moved to Union from Research Capital Corp. in April 2009, and, at that point, entered an employment contract with the firm, which provided, among other things, that he owned his accounts and that he could sell them within the firm. When he Eisen died, his accounts were transferred to another advisor, who has since left the firm. In addition the Union has been sold to Vancouver-based PI Financial Corp., leaving it “unclear what has become of the Eisen accounts.” The court notes that the estate has asked whether the sale of the firm generated compensation for Eisen’s book, or put a specific value on those accounts. However, the court says, the firm has refused to disclose any information that would allow it to assess that value. The firm argues that the estate must first prove that it has a legal claim on the accounts before the question of their value is relevant; and, it points to an internal policy document, which “states that upon death of an investment advisor, all accounts worked by that advisor belong to Union.” It maintains that Eisen had the right to sell his book to another advisor within the firm, but that his estate doesn’t have that right. “Union says that although it was obliged to appoint an investment advisor to oversee the Eisen accounts, it was not obliged to purchase the accounts or to compensate the estate for the value of the accounts as they were already owned by Union,” the court decision says. However, the decision notes that the lawyer for the estate maintains that an asset owned by an individual generally passes to their estate. “Counsel for the plaintiff submits that while a licensed advisor may be required to supervise trades in the accounts of a deceased advisor, ownership should, in the absence of any agreement to the contrary, pass directly to the estate,” the decision says. Ultimately, the court concluded that it doesn’t have enough evidence to decide the account ownership question. “As a matter of legal logic, neither side has an argument that trumps the other,” it says. “The defendant is right that an estate is not licensed and by regulation cannot deal with the investment accounts, and, consequently, it makes no sense for trading accounts to belong to the estate of a deceased advisor. On the other hand, the plaintiff is right that ownership can be considered separate from trading authority, and, consequently, it makes no sense for accounts that belonged to an investment advisor the minute before his death to cease being property of his estate once he has died.” As a result, the court found that a trial is necessary to decide the issue. James Langton Related news Court approves data breach settlements with BMO, CIBC Keywords Lawsuits, Books of businessCompanies PI Financial Corp. Universal life policies can’t be used for unlimited deposits, appeal court rules Facebook LinkedIn Twitter
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CIT GROUP: Commercial finance company CIT Group announced on September 8 that it had dropped plans to sell CIT Rail.The third largest wagon lessor in North America, Chicago-based CIT Rail has a lease fleet of around 115 000 wagons and 550 locomotives. The company said the decision to retain the US$4·5bn rail business was made ‘as a result of the progress the company has made managing its balance sheet and strengthening its liquidity position.’ This included the divestment of the home lending business and the sourcing of more than US$11bn in liquidity facilities.
As part of an overall deal with the NBA, AT&T has signed a multi-year sponsorship deal with the NBA 2K League.The deal, in which financial details haven’t been specified, will include activations across all of NBA’s properties – including its esports league.Dan Rossomondo, Senior Vice President, Media and Business Development of NBA discussed the overall deal: “We are thrilled to collaborate with one of the world’s leading communications and technology companies, with a slate of activities tipping off during NBA All-Star. AT&T will help create unique experiences for the diverse fan bases represented across all of our leagues.”NBA 2K League is partnered with SCUF Gaming, HyperX, Intel, Alienware, State Farm, New Era, and Nike’s Jordan brand; it also signed a multi-year broadcast deal with Twitch last April. Following a team expansion, 21 NBA teams are set to compete in the league from May.Fiona Carter, Chief Brand Officer at AT&T added: “We look forward to working with one of the most iconic leagues in the world, deepening our connection with basketball fans who represent increasingly young, diverse, tech-centric and socially engaged audiences that are important to our company. Connecting with these audiences through a great brand like the NBA allows us to grow customer relationships and create more memorable experiences at a game, at home, or on the go.”AT&T joined the Pennsylvania Esports Coalition (PA ESC) in December last year, but that wasn’t its first instance of being involved in esports. In June of the same year, it became ESL’s North American official telecommunications and mobile gaming partner.Esports Insider says: Seeing a major company such as AT&T get involved with all of NBA’s properties is a promising sign all round – it proves that esports is seen as a valuable avenue to go down in terms of advertisement and activations. The 2K League now has a very solid roster of partners ahead of its second season.
VINTON, Iowa – IMCA wheel spacer and rear end component rules have undergone a fine tuning.“Last week we clarified weight rules regarding axle tubes for Modifieds and Late Models,” explained IMCA President Brett Root. “We continue to field phone calls and are expanding that clarification to other rear end components and try to head off some of the unnecessary direction the market is taking.”Effective immediately, wheel spacers used in the Modified, Stock Car and Southern SportMod divisions must be aluminum with a maximum outside diameter of 7-1/4 inches.Late Models will only be allowed to compete with aluminum wheel spacers as well.Wheel spacers are not allowed in the Hobby Stock, Northern SportMod and Sport Compact divisions.“We are doing our best to avoid being walked into putting weight rules on suspension components,” Root said. “Executive Director of Competition Dave Brenn is doing an excellent job researching this issue and writing rules that racers can understand and inspectors can effectively enforce.”Additionally, rear end components including calipers, hubs, drive plates and axle tubes must match left to right and be the same in material thickness and composition. The exception is that Late Models may use steel or aluminum axle tubes.Root also noted that the birdcages, shocks, springs and rear suspension configurations do not have to match side to side. “We are not taking tuning away from racers,” he emphasized. “That’s a much different story than heavy weight components.”“We reiterate that standard weight axle tubes have a wall thickness of approximately one quarter inch,” Root added. “IMCA expects and our position is that axle tubes on both ends of the rear housing match in thickness. Late Models are allowed to use left and right axle tubes of differing compositions.”“For years, we have been concerned about products that were under-engineered and were too light. Now products are being over-engineered to add weight,” concluded Root. “That is an issue of safety and forces racers to spend more money. We want them to understand our position and not buy parts they don’t need or can’t use in IMCA.”Weight rules IMCA makes and enforces ultimately effects seven sanctioned divisions. The exception is Sprint Cars as RaceSaver writes the rules for that division.