Background: Remington Development Corporation sued Canadian Pacific Railway (CPR) and the Government of Alberta for breach of contract and inducing the breach.
Timeline and Key Judgments:
- October 20, 2022 (Main Trial Decision):
- CPR breached its contract, and the Province of Alberta induced the breach by purchasing land from CPR that Remington was supposed to acquire under the 10th Avenue Agreement.
- The court awarded Remington $163,707,836 in damages plus pre-judgment interest but reduced the award by $29 million for mitigation based on profits from the Meredith Block project.
- August 30, 2023 (Supplemental Decision):
- The court confirmed the earlier damages award and rejected Remington's claim that it should be credited for only 50% of the $29 million profit from the Meredith Block joint venture.
- October 20, 2023 (Costs Decision):
- Remington sought $4.8 million in costs. The court awarded $4,003,605.76, after reducing expert fees (e.g., Duff & Phelps' fees) and disallowing some legal fees.
Final Results:
- Damages Award: $163,707,836, reduced by $29 million for mitigation, totaling $165,166,431 with interest.
- Costs Award: Remington received $4,003,605.76 in legal costs.
- The total amount granted in favor of Remington is $169,170,036.76.
Key Legal Considerations:
- Breach of Contract: CPR was liable, and the Province induced the breach.
- Mitigation: $29 million deducted for Meredith Block profits.
- Complexity: The case's scale and Remington’s success influenced the awards.
