What is the test for assessing damages for mismanagement of a securities portfolio?
Ontario, Canada
The following excerpt is from Davidson v. Noram Capital Management Inc., 2005 CanLII 63766 (ON SC):
The final step in reaching an assessment of damages is to consider the plaintiffs’ mitigation of damages. A flexible approach is to be taken in determining what is a reasonable period of time for a client to mitigate damages in the event of mismanagement of a securities portfolio: Laflamme v. Prudential-Bache. supra at para. 53. Factors to be considered include the client’s level of experience and knowledge of investments, the trust engendered by the investment manager, and the confusion and complexity of the situation.
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