November 28, 2017 / 1:32 PM / a year ago

Home Capital says West Face to claim C$70 million in damages

The entry to the Home Capital Group's headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. REUTERS/Chris Helgren

(Reuters) - Canadian mortgage lender Home Capital Group Inc said on Tuesday that West Face Long Term Opportunities Global Master LP had sent it a draft statement alleging misrepresentation and claiming C$70 million ($54.7 million) in damages.

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 on Tuesday that it had opted out of that settlement and raised its claim directly with Home Capital.

($1 = 1.28 Canadian dollars)

Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila

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