The court hears arguments in case #29355, New Solutions Financial Corporation v. Transport North American Express Inc. (Ontario), on October 16, 2003.
In March 2000, New Solutions Financial Corporation lent Transport North American Express Inc. (Ontario) $500,000. The credit agreement stipulated repayment terms effectively exceeding the criminal interest rate. Transport North American Express applied to the Ontario Superior Court of Justice for a declaration that the agreement should not be enforced. The Ontario Superior Court Judge ruled that the contract should be read as though requiring that only the maximum legal rate of interest be charged. The Court of Appeal of Ontario subsequently ruled that the Ontario Superior Court judge erred and that the provisions in question should be removed from the contract altogether. Transport North American Express is now appealing that decision to the Supreme Court of Canada.
Lawyer Robert Ackerman presents arguments on behalf of Transport North American Express Inc. (Ontario). Lawyer Peter Cavanagh presents arguments on behalf of New Solutions Financial Corp.
Also on the program, a welcoming ceremony is held at the Supreme Court of Canada in honour of Justice Morris J. Fish on October 15, 2003. Chief Justice Beverley McLachlin makes opening remarks and describes Justice Fish’s work and contributions. Federal Justice Minister Martin Cauchon is among the attendees.