CP disappointed in Court of King's Bench of Alberta ruling in favor of Remington Development Corporation involving Calgary land sale, will appeal decision

CALGARY, AB, Oct. 22, 2022 /CNW/ - Canadian Pacific (TSX: CP) (NYSE: CP) today said it would 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 surprised and disappointed at this judgement, which CP considers to contain significant legal and factual errors related to both liability and damages. CP has strong grounds for appeal and will vigorously fight 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, but did not indicate how the damages should be apportioned. 

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SOURCE Canadian Pacific

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