CALGARY, AB, Oct. 22, 2022 /PRNewswire/ – Canadian Pacific (TSX: CP) (NYSE: CP) immediately stated it might appeal a decision issued by the Court of King’s Bench in the case of Remington Development Corporation v Canadian Pacific Railway Company and His Majesty the King in Right of Alberta, as represented by the Minister of Infrastructure and the Minister of Transportation.
CP was shocked and disappointed at this judgement, which CP considers to comprise vital authorized and factual errors associated to each legal responsibility and damages. CP has robust grounds for appeal and will vigorously struggle this decision.
On Oct. 20, 2022, the Court of King’s Bench of Alberta issued a 200-page decision saying CP was in breach of a 2002 contract with Remington Development Corporation involving the sale of land in Calgary, Alta. to the Province of Alberta. The decision states that Remington is entitled to $163,707,836 in damages from CP and the Province of Alberta, however didn’t point out how the damages needs to be apportioned.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct hyperlinks to main ports on the west and east coasts. CP offers North American clients with a aggressive rail service with entry to key markets in each nook of the globe. CP is rising with its clients, providing a set of freight transportation providers, logistics options and provide chain experience. Visit cpr.ca to see the rail benefits of CP. CP-IR
SOURCE Canadian Pacific
