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by Mike Caswell

Northern Financial Corp. has agreed to an $800,000 judgment in favour of Lois Sookochoff, an 82-year-old widow from Kelowna. The agreement comes just one week after Ms. Sookochoff sued the company in the Supreme Court of British Columbia, complaining that it had failed to live up to the terms of a settlement she reached in 2010 over mismanagement of her brokerage account. The company had agreed to pay her $800,000 in instalments, but it stopped sending money in March, 2013, she said.

The settlement is contained in a consent order filed at the Vancouver courthouse on May 8, 2013. It contains no details, simply stating that Northern Financial has agreed to an $800,000 judgment in favour of Ms. Sookochoff, with the amount including court costs and interest.

The deal comes five years after Ms. Sookochoff sued Northern Financial's brokerage subsidiary, Northern Securities Inc., over losses in her account. In an April 8, 2008, statement of claim, she said she inherited the account when her husband died in 2004, and she knew little about investing. She relied on her broker, but he purchased a number of risky investments without explaining them properly, she claimed. Northern Securities owed her a duty to supervise the broker and prevent "inappropriate, unauthorized and/or unsuitable transactions," she said.

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