In a unanimous decision issued today, the Supreme Court of Canada dismissed an appeal of Deloitte & Touche LLP that arose in connection with the Ontario Securities Commission’s proceeding in the matter of Philip Services Corp.

The main issue in the appeal focused on whether the OSC properly ordered disclosure of compelled information, which is subject to confidentiality provisions in the Ontario Securities Act.

Supreme Court dismissed the appeal with costs, the Supreme Court made the following comments:

The court said it found the “the decision of the OSC was reasonable and soundly based with respect to the disclosure of all the compelled material to Philip and the officers to allow them in the circumstances to mount a full answer and defence.”

It added “There is a reasonable possibility that all of the compelled material relating to Deloitte’s audit of Philip will be relevant to the allegations against Philip and the officers.”

The court concluded that “the OSC properly balanced the interests of disclosure to Philip and the officers along with the protection of the confidentiality expectations and interest of Deloitte.”

The Supreme Court’s reasons for the decision are available at www.scs-csc.gc.ca.