For those who don't know, the Bank of Canada has been engaged in an ongoing lawsuit with the Committee on Monetary and Economic Reform [COMER] for several years now. Constitutional scholar Rocco Galati is the one who is representing COMER. And Galati has been arguing on their behalf over the last few years that the Bank of Canada should be restored to its original purpose of providing interest-free loans to the Canadian government for infrastructure and other endeavors. This would reverse the present course which currently has Canada getting its loans from private banks and the Canadian people are paying trillions in interest.
Latest On The Case
The Federal Court of Appeal previously upheld the decision of Justice Russell, dated April 24, 2014, that would allow for the Bank of Canada lawsuit to proceed. This was despite the government's attempts to prevent the case from moving forward. COMER proceeded to file their amended statement of claim on March 26, 2015 and the Department of Justice indicated shotly after on April, 26th, 2015, that it would again move to strike the claim.
"I was served with what is an abusive motion to strike, which purports to [taking] a second run at the ruling of Justice Russell, and what he determined was justiciable and upheld previously by the Federal Court of Appeal on July 26 back in 2014, wrote Rocco Galati in an update on the case.
Galati announced in May 13th, 2015, that COMER would be seeking leave, to the Supreme Court of Canada, for the Federal Court of Appeal not having ordered the matter to proceed to trial on the main issues presented.
More recently, on October 14th, 2015, the Federal Court heard from the government on their motion to strike from the amended statement of claim that was filed for COMER back in March 26th, 2015. This is despite the Federal Court of Appeal's ruling having already dismissed the government's attempts. "They moved to strike the whole claim, again, pretending that the Court of Appeal had not ruled that the 80% of the claim, which it ruled could proceed, should proceed," said Galati in the most recent update.
This lawsuit is one of the most important cases in Canadian history and not many people even know that it has been before the courts for several years now. If successful, a win for COMER in this lawsuit would prompt a change that would see the Bank of Canada return to its pre-1974 mandate of lending interest-free money to federal, provincial, and municipal governments.
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