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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,198,285,445
Close 2017-10-04 C$ 80.70
Market Cap C$ 96,701,635,412
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Scotia Capital sued over Alzheimer's patient's account

2017-10-05 10:47 ET - Street Wire

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by Mike Caswell

Scotia Capital Inc. and two of its brokers are defendants in a lawsuit filed in the Supreme Court of British Columbia over losses in the account of an Alzheimer's patient. The Public Guardian and Trustee claims that the firm permitted imprudent activity in the account, including speculative and high-volume trading. The account suffered $258,000 in losses, the suit states.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Sept. 28, 2017. The suit was brought by the Public Guardian and Trustee, a government agency that protects the interests of those who are incapable of doing so themselves. In addition to Scotia Capital, the lawsuit names as defendants two of the firm's employees, Glen Way and Lelio De Cicco.

The suit centres around the accounts of Gladys Eley, a 92-year-old Alzheimer's patient. On Sept. 10, 2013, she was declared incapable of managing her affairs and a judge appointed her son, Kenneth Crane, to manage her estate. That estate, as described in the lawsuit, was worth $960,000. It included a home in Kelowna and $387,679 in investments.

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