Judge rejects bid to split lawsuit against investment adviser into 78 separate cases

A Nova Scotia judge has rejected a request from an investment adviser to split a lawsuit against him into 78 separate cases.

Frederick Saturley, with his company High Tide Wealth Management, is accused of wiping out the life savings of his clients.

The case has been dragging on since late 2020.

Earlier this month, Saturley's lawyer, Christopher Robinson, made an application before the Nova Scotia Supreme Court to break up the case against his client. Robinson had argued the plaintiffs didn't have enough in common to justify a single trial.

In an oral decision delivered Monday, Justice Denise Boudreau rejected the request.

She said if she granted the severance request, the individual trials would drag on for years. As it is, the case is still in its early stages, even though the initial statement of claim was filed in September 2020.

The case centres on the stock market collapse at the beginning of the COVID-19 pandemic. The plaintiffs allege that Saturley had engaged in investment strategies that were far more aggressive than they were comfortable with, and that he did it without their knowledge.

The market collapse wiped out their accounts. In some cases, investors actually owed the bank additional money. One of the lawyers for the investors estimates their losses at around $40 million.