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Home Capital Group receives claim seeking C$70M in damages

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Home Capital Group receives claim seeking C$70M in damages

West Face Long Term Opportunities Global Master LP sent Home Capital Group Inc. a draft statement seeking C$70 million in damages over allegations of misrepresentation.

The Toronto-based lender agreed on a global settlement with the Ontario Securities Commission in June. West Face opted out of that settlement, according to Home Capital.

West Face built a "significant" short position in Home Capital in 2013, but covered its short position by spring 2015.

The claim has yet to be filed in court. Home Capital said that it will fully defend itself if West Face decides to pursue the claim.