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


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.”