Even by the standards of the Canadian banking industry, this one is wild:
RBC’s Unfair Investigation Leads to Multi-Million Dollar Wrongful Dismissal Award
Introduction
In Silva v. Royal Bank of Canada, 2026 ONSC 3841, the Ontario Superior Court found that RBC had wrongfully dismissed a highly successful financial planner for cause after conducting an investigation that was neither impartial nor fair.Justice Casullo concluded that the investigation was affected by tunnel vision, confirmation bias, undisclosed conflicts and a predetermined desire to find grounds to dismiss the employee. Instead of conducting a balanced search for the truth, RBC engaged in what the court described as “ammunition gathering.”
The consequences were extraordinary. The court awarded Ravini Silva 16 months’ reasonable notice, almost $1.92 million for loss of earning capacity, $150,000 in aggravated damages and a substantial punitive damages award. Royal Mutual Funds Inc. was also ordered to correct the regulatory notice that had effectively prevented Silva from returning to the financial-services industry.
The decision provides a powerful warning that a workplace investigation cannot be used as a mechanism to justify a termination decision that management has already made.
The post (which is lengthy, but fascinating) is mirrored here.
It’s a disgrace and reminiscent of the David Berry Scandal: banks treat employees like interchangeable pieces of shit with no agency.
Why would anybody with any choice, with any self-respect, work for a bank?
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0928 % | 2,663.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0928 % | 5,015.1 |
| Floater | 5.43 % | 5.58 % | 37,072 | 14.53 | 3 | -0.0928 % | 2,890.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0790 % | 3,644.3 |
| SplitShare | 4.78 % | 4.87 % | 58,597 | 2.62 | 5 | -0.0790 % | 4,352.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0790 % | 3,395.6 |
| Perpetual-Premium | 5.62 % | 5.56 % | 51,489 | 6.67 | 12 | 0.4636 % | 3,090.8 |
| Perpetual-Discount | 5.52 % | 5.60 % | 39,283 | 14.50 | 21 | -0.4623 % | 3,418.7 |
| FixedReset Disc | 5.52 % | 5.84 % | 94,386 | 14.03 | 17 | -0.0892 % | 3,404.6 |
| Insurance Straight | 5.34 % | 5.40 % | 45,083 | 14.73 | 20 | 0.0449 % | 3,366.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0892 % | 4,157.1 |
| FixedReset Prem | 5.91 % | 4.45 % | 82,979 | 2.38 | 31 | -0.2676 % | 2,663.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0892 % | 3,480.2 |
| FixedReset Ins Non | 5.17 % | 4.55 % | 54,463 | 1.97 | 14 | 0.0756 % | 3,302.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.S | Perpetual-Discount | -4.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.90 % |
| PWF.PR.K | Perpetual-Discount | -3.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.76 % |
| POW.PR.D | Perpetual-Discount | -3.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 22.06 Evaluated at bid price : 22.29 Bid-YTW : 5.66 % |
| RY.PR.S | FixedReset Prem | -2.79 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 3.87 % |
| GWO.PR.H | Insurance Straight | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 21.55 Evaluated at bid price : 21.81 Bid-YTW : 5.62 % |
| SLF.PR.E | Insurance Straight | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.19 % |
| FTS.PR.H | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 5.70 % |
| GWO.PR.P | Insurance Straight | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.57 % |
| ENB.PR.B | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 22.79 Evaluated at bid price : 23.40 Bid-YTW : 6.02 % |
| BN.PF.C | Perpetual-Discount | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 5.68 % |
| BIP.PR.F | FixedReset Prem | -1.10 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.02 Bid-YTW : 4.93 % |
| CCS.PR.C | Insurance Straight | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.44 % |
| PWF.PR.R | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 24.62 Evaluated at bid price : 24.88 Bid-YTW : 5.56 % |
| ENB.PF.C | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 23.07 Evaluated at bid price : 24.40 Bid-YTW : 5.93 % |
| MFC.PR.B | Insurance Straight | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 23.07 Evaluated at bid price : 23.33 Bid-YTW : 5.04 % |
| IFC.PR.A | FixedReset Ins Non | 2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 22.97 Evaluated at bid price : 23.42 Bid-YTW : 5.27 % |
| POW.PR.H | Perpetual-Premium | 6.39 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 5.66 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.J | FixedReset Prem | 118,584 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 3.90 % |
| BN.PF.M | FixedReset Prem | 101,170 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 4.55 % |
| TD.PF.I | FixedReset Prem | 61,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 3.23 % |
| MFC.PR.J | FixedReset Ins Non | 59,168 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 4.48 % |
| SLF.PR.H | FixedReset Ins Non | 27,241 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.08 % |
| POW.PR.D | Perpetual-Discount | 22,255 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-05 Maturity Price : 22.06 Evaluated at bid price : 22.29 Bid-YTW : 5.66 % |
| There were 6 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.S | Perpetual-Discount | Quote: 20.52 – 22.03 Spot Rate : 1.5100 Average : 1.0420 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 22.29 – 23.35 Spot Rate : 1.0600 Average : 0.6726 YTW SCENARIO |
| GWO.PR.P | Insurance Straight | Quote: 24.50 – 25.50 Spot Rate : 1.0000 Average : 0.6205 YTW SCENARIO |
| PWF.PR.K | Perpetual-Discount | Quote: 21.60 – 22.50 Spot Rate : 0.9000 Average : 0.5688 YTW SCENARIO |
| RY.PR.S | FixedReset Prem | Quote: 26.15 – 26.97 Spot Rate : 0.8200 Average : 0.4935 YTW SCENARIO |
| GWO.PR.H | Insurance Straight | Quote: 21.81 – 22.75 Spot Rate : 0.9400 Average : 0.6914 YTW SCENARIO |