Investors oppose efforts to divide their lawsuit against former adviser
Investors Fight to Recover Life Savings in Halifax Courtroom
A group of sixteen individuals gathered in a cramped Halifax courtroom to continue their five-year battle to reclaim their life savings. Originally part of a larger group of 78 investors, some have since passed away during the ongoing legal dispute.
The investors were clients of Frederick Saturley, an investment adviser accused of employing overly aggressive investment strategies without their consent. The group has filed a lawsuit against Saturley, his firm High Tide Wealth Management, and National Bank Financial Network, the company responsible for managing their accounts.
The investors’ financial woes intensified in March 2020 when the COVID-19 pandemic triggered a significant decline in stock prices, resulting in substantial losses. Eugene Tan, representing the plaintiffs, estimated the total losses to be around $40 million.
One investor, Kathleen Trites, shared how her family’s financial stability was shattered by Saturley’s actions, forcing them back into the workforce to make ends meet. The emotional toll of the situation has been overwhelming for many, with sleepless nights and constant stress becoming a common experience.
In the recent court session at Nova Scotia Supreme Court, Saturley’s lawyer, Christopher Robinson, argued for 78 separate trials instead of a single consolidated case. Robinson claimed that the investors lacked sufficient commonalities to justify a joint trial and accused the plaintiffs of using scare tactics to push for a consolidated approach.
Despite opposition from National Bank Financial Network’s legal team, Justice Denise Boudreau raised concerns about the potential for witness tampering if separate trials were to proceed. The decision on whether to split the lawsuit into multiple cases was deferred by Boudreau for further deliberation.
As the legal battle rages on, the investors remain determined to seek justice and recover their lost investments. The outcome of the court’s decision will significantly impact their financial futures and potentially set a precedent for similar cases in the future.
