A Calgary law firm is “evaluating” launching a class action suit against a man accused of murder and the wealth management firm with which he was associated.
Jensen Shawa Solomon Duguid Hawkes LLP posted notice on its website that it is “evaluating” a suit against Assante Wealth Management and Brian Malley. Malley is accused of the bombing murder of Vicky Shachtay last November.
The notice said the potential suit would be regarding the investment and financial management decisions made by Malley for clients of Assante Wealth Management and the company's supervision of Malley.
Rob Armstrong, a partner with the firm, said they have been contacted by some potential clients about the case.
“We are continuing to investigate the claim,” Armstrong said. He added that after some preliminary investigation they “certainly have some concerns.”
Malley was a Assante Capital Management advisor who worked in Red Deer. Paul Irwin of Assante provided a statement that was given out after Malley's arrest in May. The statement said that Malley's registration with the Investment Industry Regulatory Organization of Canada (IIROC) was terminated by Assante within seven days of Malley's arrest.
The statement adds Assante is co-operating with the IIROC and the RCMP.
David Thomas, the IIROC's director of public affairs, confirmed Malley is under investigation but couldn't comment on an ongoing investigation. He said the IIROC will post a notice if the matter goes to a hearing.
Malley was arrested on May 25 in Innisfail. Shachtay died on Nov. 25, 2011 after opening a package delivered to her ground-level apartment that was triggered to explode.
Shachtay was a single mother of one who was confined to a wheelchair as a result of injuries she received in a 2004 vehicle collision for which she reportedly received an insurance settlement.
The RCMP confirmed on May 28 that Malley had been entrusted with Shachtay's financial affairs.
Malley is facing three charges: first-degree murder, causing an explosion likely to cause serious bodily harm, death or damage to property and sending or delivering to a person an explosive device. He was released on $10,000 bail after an appearance in Edmonton court on June 28. He's due back at court Aug. 29 in Red Deer.
