Facts: CIBC Investor Services Inc. sued Ming Fai Chan and Lai Yang Chang, claiming damages of $856,602.80 plus interest for unpaid debts incurred from stock trading losses. The couple allegedly made substantial investments in MEGL shares through CIBC's platform, which plummeted in value, leading to margin calls they failed to meet. CIBC also sought to void real property transfers from Chan and Chang to their son, Henry Ho Chan, as fraudulent conveyances.
Issues:
- The validity of the "stop loss orders" claimed by Chan and Chang to limit their trading losses.
- Whether the property transfers to Henry were fraudulent conveyances.
- The appropriate legal remedy for the alleged debts and property transfers.
Court's Ruling:
- The court dismissed CIBC’s motion for partial summary judgment, determining that there were genuine issues requiring a trial, particularly concerning the existence and effect of the stop loss orders.
- The court found that resolving these issues through a summary judgment was inappropriate due to the potential for inconsistent findings and the complexity of the factual and legal questions involved.
Costs/Damages:
- The document did not specify the exact costs or damages awarded but indicated that CIBC’s claims for debt recovery and the counterclaims of fraudulent conveyance would proceed to trial. The court invited submissions from both parties regarding costs, signaling that the financial implications of the legal dispute remained unresolved pending a full trial.