Home Capital says West Face to claim $70 mln in damages: Reuters

Canadian mortgage lender Home Capital Group Inc said this week that West Face Long Term Opportunities Global Master LP had sent it a draft statement alleging misrepresentation and claiming $70 million in damages, Reuters reported. 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 that it had opted out of that settlement and raised its claim directly with Home Capital. West Face Long Term Opportunities Global Master LP is managed by West Face Capital, a Toronto-based alternative investment firm.

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