West Face files claim against mortgage lender Home Capital


West Face claim says ‘investors who purchased common shares of Home Capital to close out a short position were excluded from compensation under settlement terms’ of a class action suit

Alternative asset manager West Face Capital Inc. has formally filed a lawsuit against Home Capital Group Inc. and three former executives, seeking $70 million in damages over claims the mortgage lender’s public disclosure was “inaccurate, incomplete and misleading.”

Cole 1aIn a 17-page statement of claim filed in the Ontario Superior Court of Justice’s Commercial List, West Face described taking a large short position in Home Capital in 2013, based on the investment thesis that the lender had “aggressive”…

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