Court Dismisses Appeals of John Xanthoudakis and Dale Smith regarding OSC panel rulings in Norshield Asset Management matter

TORONTO, Nov. 3, 2011 /CNW/ - On October 31, 2011, the Superior Court of Justice (Divisional Court) dismissed two appeals of John Xanthoudakis and Dale Smith in respect of two decisions by the OSC in the matter of Norshield Asset Management.

In ruling on the first appeal, the Court upheld the OSC panel's February 3, 2009, decision to reject a motion seeking a stay of the OSC proceeding.  In its analysis, the Court found no reasonable apprehension of bias to support the appellants' claims.

In ruling on the second appeal, the Court found the decision of the OSC was careful, comprehensive and complete and that there was no basis on which any finding could be made that the appellants, John Xanthoudakis and Dale Smith, were denied a fair hearing by the OSC panel.

Copies of the Reasons for Judgment can be obtained through the Court.

SOURCE Ontario Securities Commission

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