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by Mike Caswell

Scotia Capital Inc. is a defendant in a wrongful dismissal lawsuit filed in the Supreme Court of British Columbia by a former employee from its South Granville branch, Harold Bakke. He claims that the firm fired him for no good reason, and then attempted to take his $50-million book of business. He is seeking damages for the loss of part of that book, among other things.

The allegations are contained in a notice of claim that Mr. Bakke, 59, filed at the Vancouver courthouse on July 8, 2016. He identifies himself as a career investment adviser. He had been with Scotia Capital since June, 2002, and was earning $224,560 per year.

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Harold Bakke

He claims that when he began with Scotia Capital, he had a significant and loyal client base that came with him from his prior two jobs. Scotia Capital recognized the value of his book of business, and was party to many transactions in which other investment advisers had sold their books. The fee was typically 1.5 per cent of the total value. (With a book the size of the one Mr. Bakke claims to have had, this fee would amount to $750,000 for the entire book.)

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