Key Issues:

• The pension plans sought to involve the Government of Alberta in an arbitration between them and AIMCo regarding alleged investment losses of over $1.33 billion.

• The core question was whether AIMCo acted as an agent for the Alberta government when managing the pension funds, thus making Alberta liable for any investment-related claims.

Legal Arguments:

• The pension plans argued that AIMCo, by law, always acts as an agent of the Alberta government, so Alberta should be a party to the arbitration.

• Alberta countered that AIMCo had contracted on its own behalf and was not acting as its agent in the disputed transactions.

Court Ruling:

• Outcome: The Court ruled in favor of the pension plans, holding that AIMCo is always an agent of the Alberta government. Consequently, Alberta is a party to the contracts, including the arbitration clauses.

• Reasoning: Based on AIMCo's statutory framework, AIMCo could only act as a Crown agent. Therefore, Alberta is bound by AIMCo’s actions, including the investment agreements.

Implications:

• Alberta must participate in the arbitration concerning the alleged investment losses.

• The pension plans were awarded the costs of the application. No specific amount was provided.