I am a 76 year old woman living in Hamilton, and I am on Income Security. I had some savings that I invested during 5 years with BMO Nesbitt Burns where I have suffered major financial losses (approximately $100,000) in 2008. Subsequently, I have submitted a claim to the Ombudsman, but was turned down. I would like to take my complaint to a Small Claims Court in Toronto and would like to know all the relevant information pertaining to this procedure. Can you please assist me? Thank you, Clarissa
Country relating to Question: Canada
1. I have submitted a written complaint to BMO NESBITT BURNS that they rejected.
2. I have submitted this complaint to the various Ombudsmen, but again, I was turned down, even though it was stated that my portfolio should have been invested in less risky stock.
3. I have a friend, Sumantrai Mistry who is knowledgeable with investing, and he offered to represent me at a Small Claims Court. Now I have to do the research pertaining to this matter.
Did you know that you can only sue for up to $25,000 in Small Claims Court in Ontario?I can explain what to do about Small Claims Court but it sounds like the claim is worth more than $25,000.Also, are you saying the loss happened in 2008? And if so why did you wait to consider suing until 2012?
What are my chances in getting some compensation after having been turned down by the Ombudsmen?
Optional Information: Country/State/Province of question: Ontario, Canada Already Tried: I have submitted a detailed and well-documented complaint first to BMO NESBITT BURNS, and after they turned me down, I submitted my portfolio to the various Banking Agencies and Ombudsmen in sequence, as I was instructed by their official brochure. Once again, I didn't get any compensation. What chances do I have at the Small Claims Court?
Dear XXXXX Thai,You are requesting further information from me, however, I cannot see your questions.I did know of the limit of $25,000 in the Small Claims Courts in Ontario, unless you mean that this is your response.Please advise.Clarissa
I am sorry. I didn't see your first answer for some reason. I can see them both now.The problem you have is that the limitation period is 2 years in Ontario.That means that you had to have started your lawsuit within 2 years of discovering your claim or within two years from when your claim could have been discovered.So as the loss occurred in 2008 it's too late to sue unless you can prove you did not know there was something to sue for then.Do you see what I mean?
While I was aware that there was a recession in 2008, I did not know, and would not have known given my total lack of knowledge in investments, that my investors could be responsible for a part of the poor performance of my assets. It was only in January 2011 when my knowledgeable friend, Sumantrai Mistry informed me of the many errors and poor judgment found in my portfolio. He had spent 11 hours going through meticulously every page of my statements and was able after that to make his calculations and to write up his findings. Therefore, I only became aware of the problem in January 17, 2011, date of my first letter of complaint to BMO NESBITT BURNS.
I will be out of town until Thursday evening at which point we can continue the conversation.
Good to hear that.So yes you can sue in Small Claims Court but only for $25,000, interest and your costs.You can retain a lawyer, paralegal or self-represent.It may make sense to have a lawyer send them a demand letter, threatening a lawsuit and the perhaps you would sue on your own.You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free. The number is: 1-800-268-8326 or(NNN) NNN-NNNN(within the GTA)And here is a link to all the information you will need about the Small Claims Court process:http://www.attorneygeneral.jus.gov.on.ca/english/courts/scc/
After reflection, I don't want to continue our relationship since you have indicated that too many years have passed since 2008 for me to qualify for initiating a lawsuit. I would like to close my case and pay my bill ($48). How do I do that?
You have already paid so please don't worry about that.But that was not my answer. My answer is that because you just discovered the Claim a short while ago you likely can still sue but to run your facts by a lawyer face to face first.And I said that you can see a lawyer for 30 minutes for free through the referral service.And said to call them at:1-800-268-8326 or XXX-XXX-XXXX (within the GTA)
Dear XXXXX, I am entirely satisfied with your answers, but I have forgotten that I already rated you once before. Rating you high a second time apparently would not have been advantageous for me. Its nothing personal, but I feel exhausted with the technical part of this process and wish it was over.
Yes if you rate me high again you would be charged.So don't worry and don't rate me any more!Thanks and good luck.
I am confused with the status: "We are waiting for you" (what exactly are you waiting for?) and also that my fee to be paid was set at $3 at one point and now it reads $48. If it is possible at this stage, I would like to rate you globally 'good service', and get rid of the 'bad service' icon. Is this feasible?
The reason why you are told we are waiting for you is because the last reply to you I sent as an information request so you would not be asked to pay again.I sent a message to the admin asking if my rating will stay as the highest one as I think that is how this works.If not I will ask the admin to get in touch with you.I really appreciate your efforts in trying to help me with my ratings.I don't know about the fee you were asked to pay but I think you are seeing a number that is not what you paid but what the site sets for the experts to I get paid a percentage of the $48 and not the $3.I am going to send this response as an information request just so you are not asked to pay again.But please don't feel you need to respond and just ignore the message that we are waiting for you because I am not waiting for you!