The Superior Court of Justice in Ontario has awarded costs of $1.2 million to West Face Capital, on a substantial indemnity basis, and $340,000 to Brandon Moyse, on a partial indemnity basis, in connection with the Wind Mobile Corp lawsuit, West Face said. The amount is to be paid by Catalyst Capital Group, which launched the suit based on an allegation that West Face misused confidential information when acquiring a stake in Wind in 2014. The case was dismissed in August. Last month, Catalyst said it would appeal that decision.
Court awards over $1.5 million in costs against Catalyst Capital in lawsuit with West Face and Brandon Moyse; West Face launches catalystlitigation.com website
TORONTO, Oct. 13, 2016 /CNW/ – West Face Capital Inc. announced today that Justice Newbould of the Superior Court of Justice in Ontario has awarded costs of $1.2 million to West Face, on a substantial indemnity basis, and $340,000 to Brandon Moyse on a partial indemnity basis, to be paid by The Catalyst Capital Group Inc. in connection with Court File No. CV-16-11272-00CL.
In August of this year, Justice Newbould dismissed in its entirety the lawsuit brought by Catalyst against West Face Capital and Mr. Moyse, related to West Face’s successful acquisition of WIND Mobile Corp. in 2014.
Justice Newbould’s cost endorsement noted that the lawsuit was driven by Catalyst CEO Newton Glassman, who “was not able to accept that he lost his chance to acquire Wind by being outsmarted by someone else.” Justice Newbould also found that Mr. Glassman “was certainly playing hardball attacking the reputation and honesty of West Face. However, in spite of the best efforts of Catalyst’s very able and skilled lawyers, he utterly failed.”
West Face also announces the launch of a new website at www.catalystlitigation.com. Due to the large volume of documents, and in response to numerous inquiries from current and prospective investors, service providers and industry participants that we interact with, West Face has assembled the public court materials from the various lawsuits launched by Catalyst against West Face in the archive hosted on this website, including materials filed in court by each of Catalyst and West Face.
West Face believes that the Catalyst and Callidus claims in each of these proceedings are without merit and is vigorously defending each of these proceedings.
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.
For further information: Philip Panet, General Counsel & Secretary, West Face Capital Inc., 2 Bloor Street East, Suite 3000, Toronto, Ontario, M4W 1A8, Tel: (647) 724-8900
Photo courtesy of Reuters