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Bristol-Myers loses effort to have Magid suit dismissed

2020-11-18 20:52 ET - Street Wire

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by Mike Caswell

Drug manufacturer Bristol-Myers Squibb Canada Co. has lost an application to have a lawsuit dismissed that it faces over an $8.83-million (U.S.) gambling debt run up by late Vancouver promoter Sameh Magid. The company had claimed that the case should be dismissed summarily, as it came too late. Mr. Magid's estate, however, had contended that the issue was far from clear, and should go to trial.

The ruling comes as part of a case that Mr. Magid's estate has been pursuing in the Supreme Court of British Columbia since Feb. 7, 2019. The estate claims that Mr. Magid (who died in 2018 at the age of 52), developed a gambling problem after he started taking a drug called Abilify. The drug is designed to treat depression, bipolar disorder and schizophrenia, but according to the lawsuit, it led to Mr. Magid developing compulsive behaviour.

Starting on Sept. 14, 2014, Mr. Magid took out large lines of credit at the Mandalay Bay casino in Las Vegas, and ultimately incurred the $8.83-million (U.S.) debt, the suit stated. He also shopped compulsively, buying multiple luxury vehicles and other luxury goods "in industrial quantities." According to the suit, this had a terrible effect on his life, resulting in mental, physical and reputational damage. The estate blamed this on Abilify, and sought damages accordingly.

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