West Face Capital said it has been vindicated by the dismissal of a lawsuit that alleged the firm misused confidential information when purchasing a stake in Wind Mobile Corp two years ago. The lawsuit, launched by Catalyst Capital Group, was dismissed by an Ontario Superior Court of Justice last week. Catalyst is expected to appeal the ruling, the Financial Post reported. In 2014, West Face and other private equity investors backed Globalive Capital‘s buy of Vimpelcom Ltd‘s interest in Wind Mobile. Wind Mobile was subsequently acquired by Shaw Communications Inc.
West Face Capital Vindicated by Decision in Lawsuit Launched by Catalyst Capital
TORONTO, Aug. 19, 2016 /PRNewswire/ – West Face Capital Inc. today issued the following statement after the Ontario Superior Court of Justice “dismissed in its entirety” a lawsuit by The Catalyst Capital Group Inc. for alleged misuse of confidential information:
“West Face is grateful for the vindication provided by the court’s decision,” said Greg Boland, Chief Executive Officer. “Justice Newbould reviewed the facts of the case carefully and thoroughly. He concluded that the Catalyst witnesses – including in particular Newton Glassman – lacked reliability and credibility. By contrast, he found that the testimony from Brandon Moyse and the West Face witnesses was truthful and helpful. The reasons for the complete dismissal of the case make clear that the lawsuit launched by Catalyst was without merit. We are confident that Catalyst’s other lawsuits against West Face and various other parties face similar obstacles.”
About West Face Capital Inc.
West Face Capital Inc. is one of Canada’s leading alternative investment managers combining control-through-distressed, high-yield, negotiated finance, proactive equity, and private equity activities. West Face’s capabilities are underpinned by a seasoned multi-disciplinary investment team, proprietary origination channels, deep sector expertise, and the ability to address investment targets in domestic and international markets.
Photo courtesy of Reuters/Brent Smith