Plaintiff
Defendant
Other
Background Facts:
The plaintiffs and PG Canada had a decade-long partnership focused on investing in North American public-private infrastructure projects (P3s). These investments, structured through layered entities, provided stable, long-term returns. In 2020, PG Canada unilaterally terminated the partnership as part of a billion-dollar sale to Caisse de dépôt et placement du Québec (CDPQ), without informing the plaintiffs in advance. PG Canada then orchestrated an en masse prepayment of all outstanding loans, effectively ending the plaintiffs' long-term investment positions.
Legal Issues:
The plaintiffs alleged breaches of contractual and fiduciary duties, arguing that PG Canada’s actions violated the terms of their partnership agreements, particularly the loan agreements structured for long-term returns. They also contended that PG Canada acted dishonestly by concealing the CDPQ transaction. PG Canada argued it had the contractual right to prepay the loans without restrictions.
Court Findings:
The court found that PG Canada breached both its contractual and fiduciary duties by secretly arranging the CDPQ sale and prematurely ending the plaintiffs' investments. The defendants' counterclaim—alleging misrepresentation by the plaintiffs—was dismissed.
Relief and Costs:
The court ordered disgorgement of profits, contractual damages, and ancillary relief. However, the exact amount awarded was not specified in the judgment. The document noted that the defendants received $950,447,593.99 from the sale to CDPQ, but this was not a court-awarded amount. The defendants were also ordered to cover the plaintiffs' legal costs.
Court
Court of King's Bench ManitobaCase Number
CI 20-01-26926; CI 20-01-28295Practice Area
Corporate & commercial lawAmount
Winner
PlaintiffTrial Start Date