Scotiabank to pay US$127.5 million to settle charges over price manipulation scheme in special metals unit: Scotiabank agreed to pay US$60.4-million as part of a deferred prosecution agreement with the U.S. Department of Justice. It was also ordered to pay US$127.4-million by the Commodity Futures Trading Commission (CFTC), although some of these payments will be offset by the DOJ payment. (Mark Rendell)
Caisse CEO takes heat over its investment in the Cirque: Canadian pension fund giant Caisse de dépôt et placement du Québec doubled its investment in Cirque du Soleil in February to increase its influence within the shareholder base, according to its chief executive who insisted there was no evidence at the time that the entertainment company was headed for a crippling shutdown.(Nicolas Van Praet)
Canadian securities regulators move to crack down on COVID-19 investment scams: In the past three months, provincial regulators have taken roughly 60 actions against pandemic-related scams, issuing investor warnings, shutting down websites and social-media pages, and sending out cease and desist letters. (Mark Rendell)
Thomson Reuters acquires digital court service CaseLines: CaseLines, the UK-based digital court platform, was acquired last week by news and information provider Thomson Reuters Corp. for an undisclosed sum. Courts in the UK have been using the company’s document- and evidence-sharing platform for several years, and Toronto-headquartered Thomson Reuters said the deal is part of a strategy to offer legal solutions internationally. (Christine Dobby)
US short seller targets GFL Environmental: Spruce Point Capital Management, a U.S. short seller with a fondness for Canadian targets, has set its sights on GFL Environmental Inc., doubting the debt-heavy company’s ability to ever show consistent profits. (David Milstead)
Banks fined for improper disclosure and charges on credit cards: The Financial Consumer Agency of Canada has fined CIBC more than $1.2-million for previously disclosed errors that incorrectly charged fees to 1.4 million credit card customers over a 15-year span. It also fined Canadian Western Bank and subsidiary Canadian Western Trust. (James Bradshaw, Clare O’Hara)
Waterous Energy Fund consolidates oil and gas holdings: Waterous Energy Fund (WEF), run by former investment banker Adam Waterous, is merging Strath Resources and Cona Resources, a move it says will create the continent’s largest private equity-owned oil and gas producer. (Jeffrey Jones)
Calgary’s Attabotics gets $50-million from Teachers, Honeywell to expand its ant-inspired warehouse technology: The Ontario Teachers’ Pension Plan is leading a US$50-million investment into warehouse robotics company Attabotics Inc. to help the Calgary firm build out its client roster and technology – vertical storage structures inspired by ant colonies that it claims can reduce warehouse footprints by as much as 85 per cent. (Josh O’Kane)
Onex brings in president as it eyes future growth: Alternative asset manager Onex Corp. is reworking its management team by promoting veteran executive Robert Le Blanc to the newly created role of company president. Mr. Le Blanc, aged 52, becomes second-in-command to Onex founder and chief executive Gerry Schwartz, aged 78. (Andrew Willis)
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