The Bank of Canada vs COMER case appears to have reached the end of its road. It has once again been tossed out of court and there isn't any more opportunity for them to amend their claim and re-file. As recent as February of this year, the court has ordered that COMER have their amended claim struck entirely, the leave to amend was refused, and that costs should be awarded to the Defendants.
The COMER case has been ongoing for several years and it was one which was looking to return the Bank of Canada to its pre-1974 mandate of offering interest-free loans. In their case, COMER argued that there has been an extensive breach of the Constitution, when it comes to the current monetary system in Canada. Galati, on behalf of COMER, was arguing that there has been an abdication of executive and parliamentary duty when it comes to the Canadian budget, and that the actual revenues are not presented to Parliament.
“They want the Court to interfere, albeit on Constitutional and Charter grounds, with the way Parliament goes about its business,” wrote Justice James Russell. “The Plaintiffs appear to be of the view that, as a think-tank, they can simply come to Court and ask the Court to declare that the Minister of Finance and the Government of Canada are required to do certain things under the Bank Act, and that they have abdicated their constitutional duties, and allowed international private entities to trump the interests of Canadians,” he said.
Galati has been involved in the case against the Bank of Canada for the past several years, representing the interests of not only COMER but Canadian citizens as well. As it currently stands, Canadians are paying billions onto interest for loans from private banks and Galati was seeking to change that, with COMER's lawsuit, so that interest-free loans could be afforded to government for various infrastructure endeavors and more.
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