The Globe and Mail reports in its Thursday edition that the Ontario Securities Commission is trying to drive a square peg through a round role in its greenwashing case against Som Seif and Purpose Investments, Mr. Seif's lawyer argued Wednesday during the second day of hearings into what is expected to be a months-long legal battle. The Globe's Jameson Berkow writes that the OSC alleges that Purpose and Mr. Seif, one of Canada's best-known money managers, made 19 false or misleading statements about environmental, social and governance, or ESG, investing over several years. Proceedings before the Capital Markets Tribunal, an independent division of the OSC, are scheduled to continue through September. Veteran securities lawyer Joseph Groia, who is representing Mr. Seif, accused the OSC of presenting information "in a selective manner to construct a narrative that simply is not true. The narrative you heard yesterday from the OSC staff is itself false and misleading, to use their words," he said in his opening remarks to the three-member adjudication panel, led by chief adjudicator Tim Moseley. OSC lawyer Alvin Qian sought to portray the allegations as "just a classic case of false and misleading advertising."
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