The decision of the Ontario Court of Appeal earlier this year in Slater Steel* exposed 10 directors, officers and employees to possible personal liability of $20 million with no meaningful recourse against the insolvent Slater Steel or its assets. This is a reminder that failure to recognize and fulfill fiduciary obligations for a pension plan can expose you to substantial personal liability.
Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Fasken, Breach of contract, Fiduciary, Board of directors, Economy, Prejudice, Defined benefit pension plan, Actuary, Court of Appeal for Ontario