Mortgage lender hit with $70m claim

Non-bank mortgage lender Home Capital Group has received a draft statement of claim for $70 million.

The claim has not yet been filed in court and is from Cayman Islands-based investment firm West Face which opted out of the global settlement of the securities class action against Home Capital.

Home Capital says he believes it has valid defences and if the claim is commenced it will fully defend its conduct and “investigate the conduct of the various short sellers and the propriety of their actions without acting alone or in concert with others.”

Earlier in the year Home Capital reached agreement with the OSC and also agreed a global settlement with shareholders through the Ontario Superior Court but parties were entitled to opt-out of the settlement. 

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