Client Work Detail

Ogilvy Renault succeeded in obtaining the dismissal, after a 20-day trial before the Quebec Superior Court, of a multi-million dollar claim brought against the Montréal Exchange. Thirty-nine former independent floor traders sought damages following the Exchange's decision to convert its financial derivatives trading from the traditional open-outcry system to a fully electronic platform in 2000 and 2001.

After considering the evidence of a global trend towards electronic trading and the preparatory steps taken by the Exchange, the Court found the Exchange gave adequate notice of the proposed changes and put in place reasonable transitional measures to allow the independent traders to make the adaptation.

The Montréal Exchange was represented at trial by Ogilvy Renault with a team comprised of William Hesler, Sophie Melchers, Catherine Martel and Horia Bundaru.