Dominion Lending Centres Provides Update on Legal Claim
Vancouver, British Columbia – April 1, 2022 – Dominion Lending Centres Inc. (TSX:DLCG) (“DLC” or the “Corporation”) is pleased to report on certain positive developments pertaining to the legal claim commenced by Canadian Mortgage Experts Inc. and Michael Lloyd against the Corporation in July, 2022 (the “CME Claim”).
On April 1, 2022, the Supreme Court of British Columbia ordered that the CME Claim be stayed on the basis that the parties had agreed in the franchise agreement that all disputes would be resolved through arbitration. The plaintiffs had commenced the CME Claim in the Supreme Court of British Columbia and were seeking to have the claim certified under the Class Proceedings Act (British Columbia). The Corporation now expects that the CME Claim will be resolved through a prescribed arbitration process with CME, Mr. Lloyd and the Corporation as set out in the franchise agreement.
About Dominion Lending Centres Inc.
The DLC Group is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centres and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes ~7,750 agents and ~530 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.
Contact information for the Corporation is as follows:
|Robin Burpee |
Co-Chief Financial Officer
Sr. Vice-President, Capital Markets