The Court of Appeal of Ontario has upheld a lower court decision ruling that a settlement agreement between a brokerage firm and several disgruntled clients is binding and should be enforced.
Back in January, Ontario’s Superior Court of Justice ruled in favour of BMO Nesbitt Burns Inc. in a case where it sought an order enforcing a settlement agreement reached between the firm and a trio of plaintiffs o the plaintiffs — Battista Di Gennaro, Franco Di Gennaro and Paula Di Gennaro. Under the deal, the firm was to pay the plaintiffs $100,000, and they were to sign a release, but there was a disagreement over the wording of the release.
Eventually, BMO brought a motion to enforce the settlement, whereas the plaintiffs argued that there was no binding agreement between them. The court ruled in favour of the firm, ordering that the plaintiffs execute the release, and that the firm pay the settlement.
Brokerage settlement agreement binding, court rules
The plaintiffs appealed that decision, arguing that the motion judge erred in finding that the parties had entered into a binding settlement. But the appeal court dismissed that argument in a decision released Tuesday, ruling “the appellants’ submissions are without merit.”
“The motion judge found that the parties had agreed to the form of the release. The appellants do not challenge that finding,” the appeal court said, dismissing the appeal with costs.