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UPDATE 1-Home Capital says West Face to claim C$70 mln in damages
November 28, 2017 / 5:59 PM / 14 days ago

UPDATE 1-Home Capital says West Face to claim C$70 mln in damages

(Adds West Face comment in paragraph 3)

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.

West Face confirmed on Tuesday that it had opted out of that settlement and raised its claim directly with Home Capital.

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

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