A major pharmaceutical company is arguing that the Ontario Court of Appeal has “altered the law” and improperly introduced a new defence for banks when determining liability in fraudulent cheque schemes.
“Without the involvement of Parliament or this court, the court below has profoundly shifted the assignment of risk in the Canadian Bills of Exchange system,” write lawyers for Teva Canada Ltd. in arguments filed with the Supreme Court of Canada.
An appeal of the decision by the Court of Appeal that Teva was liable for a $5.5-million cheque fraud by one of its former employees and not the banks is scheduled to be heard Feb. 24.
Read more at Law Times News.
