Lawday - real time law

TORONTO – Two former executives of collapsed hedge fund Norshield Asset Management (Canada) Ltd. knowingly misled investors, failed to keep proper books and made misleading statements to investigators, an Ontario Securities Commission panel has concluded. The OSC panel said former CEO John Xanthoudakis and president Dale Smith breached Ontario Securities Act rules while running the $1-billion hedge fund.

VANCOUVER – A British Columbia judge has certified a class-action lawsuit against Microsoft that alleges the software giant engaged in anti-competitive behaviour that enabled the company to charge higher prices for its products. Justice E.M. Meyers concluded in a ruling that Vancouver-based Pro-Sys Consultants, which is leading the plaintiffs in the case, has met requirements for certification for the lawsuit to proceed as a class action.

TORONTO – The U.S. Commodity Futures Trading Commission announced that it has reached a settlement deal with Robert Moore, a former executive managing director in BMO’s commodity derivatives business, relating to the mis-marking and mis-valuing of the bank’s natural gas options book by a trader he supervised.

WASHINGTON – ITT Corp. has announced the company reached patent-infringement settlement of claims it filed against Nokia Oyj over assisted- global position system technology.

NEW YORK – Sean David Morton, a psychic and self-described "America's Prophet," apparently did not see investigators coming when he touted investments. The U.S. Securities and Exchange Commission has filed a lawsuit civil fraud charges accusing Morton of fraudulently raising more than $6 million from more than 100 investors for Delphi Investment Group in 2006 and 2007.