Ontario securities law a "waste of time", Lamoureux

A former CEO slams everyone from lawyers to the RCMP

By Graham F. Scott

On Tuesday December 4th, 2007

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Claude Lamoureux, the retired CEO of the Ontario Teachers’ Pension Plan (OTPP), gave a scathing interview with the Toronto Star yesterday about the state of securities law in Ontario, and no one — lawyers, judges, Queen’s Park, the RCMP’s Integrated Market Enforcement Team — escapes his damnation.

He says the OTPP sues companies like Nortel in the U.S. “because our lawyers say it doesn’t make sense to waste our time in Canada. I don’t make this up. Our lawyers essentially tell us, you want to have a chance of winning and getting something done? Go to the U.S.” He points the finger at judges who don’t grasp securities law, prosecuting lawyers who don’t bring their A-game because they “don’t care whether [they] win or lose,” and a legislative process “caught in the 19th century.”