Lawsuit alleges Scotiabank misused proprietary information to build rival pension plan for doctors
Blue Pier is suing Scotiabank for $700 million, alleging the bank used confidential information to create a competing pension plan for doctors.Summary
Blue Pier Administration Corp. is suing Bank of Nova Scotia, claiming the bank misused proprietary information obtained during partnership discussions to launch its own rival pension plan, the Medicus Pension Plan, for doctors. Blue Pier alleges that Scotiabank accessed confidential documents outlining its business plan and regulatory strategy through a secure data room in 2020, then terminated talks and subsequently launched a strikingly similar plan.
Scotiabank denies the allegations, stating the claim is “wholly without merit” and that its Medicus plan differs in structure. They also claim the information accessed was minimal, misleading, or irrelevant. The lawsuit seeks $700 million in damages or the forfeiture of Scotiabank’s profits from the Medicus plan for up to 15 years.
The case has proceeded past an initial attempt by Scotiabank to strike the claim. Blue Pier had previously struggled to gain traction with its own pension plan due to limited marketing capital, while Scotiabank leveraged its existing relationships with doctors through its acquisition of MD Financial Management and the Canadian Medical Association.
(Source：Theglobeandmail)