November 28, 2017 / 1:08 PM / 2 years ago

Home Capital says West Face to claim C$70 mln in damages

Nov 28 (Reuters) - Canadian mortgage lender Home Capital Group Inc said on Tuesday that West Face Long Term Opportunities Global Master LP had sent it a draft statement alleging misrepresentation and claiming C$70 million ($54.7 million) in damages.

Home Capital, Canada’s biggest non-bank lender, had agreed on a settlement with the Ontario Securities Commission in June and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.

The bank said on Tuesday that West Face had opted out of that settlement.

West Face had built a “significant” short position in the bank’s stock in 2013 and covered it by 2015, Home Capital said.

$1 = 1.28 Canadian dollars Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila

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