CALGARY,
AB, Oct. 22, 2022 /PRNewswire/ - 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.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers with a
competitive rail service with access to key markets in every corner
of the globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of CP.
CP-IR
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SOURCE Canadian Pacific