Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Kevin Jackson, Peter Silva, Greg Wind

News Feed Item

Sattva Capital Announces Supreme Court Victory

Canada's top court determines reasonableness as the standard of review and tightens standards on granting leave to appeal of commercial arbitration awards.

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/14 -- Sattva Capital is pleased to announce the Supreme Court of Canada in a 7-0 decision has upheld the arbitrator's breach-of-contract damage award against Creston Moly, a subsidiary of Mercator Minerals.

Written by Mr. Justice Marshall Rothstein, the ruling from Canada's top court overturns two judgements from Court of Appeal for BC (BCCA), British Columbia's highest court. The first granted Creston leave to appeal on the basis of a non-existent error of law. The second compounded the previous error by ruling itself and the court below (the Supreme Court of BC) ought to be bound by the comments of the judges from the previous leave ruling.

Both judgements were fundamentally flawed. If left unchallenged, they would have set troubling precedents, unleashing a flood of frivolous appeals from arbitral awards, creating a burden on the justice system and at the same time undermining the independence of lower court judges hearing appeals.

The Supreme Court of BC, by contrast, heard Creston's appeal twice and dismissed it as without merit.

"As we have said before, the pie is not finite. Transactions are not zero-sum games," said Hai Van Le, Sattva Capital's Managing Director. "The fee we earned is a direct result of our tremendous efforts and knowledge over the years and the ingenuity in coming up with solutions to seemingly irreconcilable differences. We were the catalyst that made the deal happened in the first place, in the process making the pie bigger for everyone involved. There's enough abundance for everyone. Parties to a transaction have a moral duty to fulfill their obligations to one another in an ethical and honourable manner."

A CLEAR LEGAL FRAMEWORK TO GUIDE JUDGES

With this ruling, Canada's top judges have defined narrow, explicit parameters that those who wish to appeal arbitral awards must meet before they are given leave to appeal. In practical terms, this judgement will reduce the incidence of frivolous appeals, bringing the system more in line with the norms in other Western countries.

"This ruling is a game-changer and will have a positive ripple effect on both Canadian society and the economy," said Mr. Le. "The savings to the taxpayer-funded justice system across the country will be substantial. Our perseverance in the last seven years in the face of unexpected, seemingly insurmountable obstacles imposed by the BCCA has not been in vain."

At the same time, the Court also clarifies the standard of review for judges when reviewing arbitral awards.

The ruling marks a victory for both the Attorney General of BC and the British Columbia International Commercial Arbitration Centre (BCICAC) Foundation which intervened at the Supreme Court hearing. Both parties get the clarity they sought on a number of important issues, namely, reasonableness as the standard of review, and whether contractual interpretation gives rise to questions of mixed fact and law or pure questions of law.

The ruling is also a vindication for the arbitrator - Mr. Leon Getz - an experienced securities lawyer with a history of distinguished service. The Supreme Court finds no flaws with his well thought-out and reasoned award.

And finally, this judgment is a triumph of substance over clever arguments. Wedge issues exploiting a technicality or an ambiguity can only get one so far in the judicial system before they are exposed for what they are - shallow, divisive and ultimately lacking in substance.

ARBITRATION - SPEEDY, EFFICIENT AND FINAL - AS INTENDED BY THE LAW

It's not a surprise that the Canadian public consistently view courts as being too slow, cumbersome - and costly. A justice system permitting the unhappy losing party to mount appeal after appeal based on flimsy narrow grounds is in serious need of reform.

Going forward, Canadian businesses now have two distinct choices to resolve disputes. They can continue to rely on the taxpayer-funded court system with its attendant loss of privacy, lengthy proceedings and multiple appeal steps or they can settle differences through arbitration knowing the outcome is final and binding as intended by the law. Parties who wish to launch a challenge to an unfavourable arbitration decision may still do so, but they will discover that the odds of success are not in their favour. In all likelihood, they won't even get past the initial leave application stage.

"We salute the judges of Canada's top court for their leadership, their foresight, and their progressive approach to making the justice system more accessible and affordable for more Canadians," said Mr. Le.

A chronology of events can be found at www.sattvacapital.net/play-by-the-rules.html.

About Sattva Capital: Sattva Capital is an international financial advisory firm focused on cross-border M&A, strategic partnerships and corporate finance in the mining industry. We leverage global connections, game-changing ideas, and deep industry knowledge to help clients achieve transformational growth.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in t...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists will discuss how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations m...
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight coun...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at 16th Cloud Expo, Haseeb Budhani, CEO and Co-founder of Soha, will share five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the frict...
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communication...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...