2024 ONSC 5750 (Summary Judgment Decision)
- HSBC sued Antonio Guido for $2,039,042.84 under a personal guarantee for his company’s debt.
- Guido counterclaimed for $11 million, alleging breach of contract, bad faith, misrepresentation, conspiracy, unjust enrichment, and unconscionability.
- The court granted summary judgment in favor of HSBC, finding:
- The debt and guarantee were valid.
- No evidence supported Guido’s claims that HSBC conspired with third parties or received unlawful fees.
- HSBC’s enforcement actions were lawful.
- Guido’s counterclaim was dismissed, but his claims against other defendants continued.
2025 ONSC 869 (Costs Decision)
- HSBC sought $380,589.19 in substantial indemnity costs, citing:
- A contractual clause requiring Guido to cover legal fees.
- The complexity of Guido’s allegations.
- Guido’s repeated adjournment attempts.
- Guido argued for partial indemnity, proposing $53,724.72.
- The court awarded HSBC $280,000 in substantial indemnity costs plus $4,896.67 in disbursements, reducing the claim for fairness and proportionality.
Outcome
- HSBC was awarded $2,039,042.84 plus interest.
- HSBC’s motion was granted, and Guido’s counterclaim was dismissed.
- Guido was ordered to pay HSBC’s legal costs of $284,896.67.
