CIBC loses class-action lawsuit over unpaid overtime: An Ontario court has ruled that Canadian Imperial Bank of Commerce broke federal labour law by allowing employees to work unpaid overtime for years, bringing one of the country’s largest class-action lawsuits closer to resolution after it has dragged on for more than a decade. (James Bradshaw)
Banks, insurers likely to keep paying dividends in a protracted downturn: It’s a key question facing businesses and investors as a severe economic recession promises to damage corporate cash flows: Which companies will be forced to cut their dividends? (Tim Shufelt and David Berman)
Caisse sets aside $4-billion to finance Quebec businesses affected by pandemic: The giant Quebec institutional investor, which had $340-billion in assets under management as of Dec. 31, will offer a range of liquidity options to companies based in the province including loans, lines of credit, and buying preferred and common equity. (Sean Silcoff)
BMO falls short on four measures but top executives still get 94 per cent of their incentive pay: How did Bank of Montreal do last year? It was a mixed bag. Its revenue and earnings growth were tops in the industry, but in a lot of important ways – profitability, cost control, share price performance – the bank lagged peers. Indeed, if you look at the proxy circular sent to shareholders in advance of Tuesday’s annual meeting, you’ll see the bank missed every single financial goal it set for its executives. (David Milstead)
Mutual funds face flood of redemptions in turbulent market: Canadian mutual fund companies are seeing fund redemptions begin to rise as the novel coronavirus rattles global equity markets, leaving panicked investors looking to hit the sell button. (Clare O’Hara)
Fintechs struggle to lend to entrepreneurs, even as demand surges from virus: The coronavirus crisis is constraining digital small-business lending services just as they’re seeing a surge in demand from entrepreneurs left cash-strapped by the pandemic. (Josh O’Kane)
Ontario pension plans facing shortfalls already have a funding holiday: Market mayhem from the COVID-19 crisis has badly damaged pensions’ funding levels, but a recent overhaul of Ontario regulations means many companies will likely have a holiday for several years from pumping more cash into them to make the needed repairs. (David Milstead, Analysis)
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