What is the effect of the Court of Appeal's decision in 2004 that found that a portfolio manager was able to vary the value of his portfolio against the market price cap?
Ontario, Canada
The following excerpt is from Authorson v. Canada (Attorney General) , 2007 ONCA 501 (CanLII):
Another four days of hearings were held in May 2005 to determine the quantum of damages having regard to the principles articulated in the 2004 damages decision. In December 2005, the motion judge issued a judgment confirming his authority to take judicial notice of "the general acceptance in the financial community of the ability of portfolio managers to shift, within limits, the asset allocations within a portfolio": Authorson Estate v. Canada (Attorney General), [2005] O.J. No. 5582, [2005] O.T.C. 1126 (S.C.J.) ("judicial notice decision"). This was an important finding because without the ability to vary the portfolio from the norms, the resulting damage award would have been substantially lower.
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