Former general counsel alleges retaliation and a toxic workplace
The Canadian Securities Exchange (CSE) is facing a multimillion-dollar lawsuit from its former general counsel, Jamie Anderson, who claims he was wrongfully dismissed after attempting to uphold regulatory standards, according to reporting by The Globe and Mail.
Anderson, who served as general counsel and corporate secretary for CNSX Markets Inc.—the operator of the CSE—was terminated without cause in May 2022. The CSE is primarily known for listing small-cap companies but introduced a senior tier in 2023 to attract larger firms.
In a lawsuit filed in June 2024 and obtained by The Globe and Mail, Anderson is seeking over $2 million in damages, alleging wrongful dismissal and the company’s “failure to properly carry out an investigation into complaints of harassment, bullying and a toxic work environment.”
According to Anderson’s statement of claim, CSE CEO Richard Carleton frequently “lost his temper” and exhibited “abusive” behavior, including yelling at employees, throwing objects, and sharing private medical information about staff and their families. “He made several employees cry,” the claim states.
CNSX Markets acknowledged Anderson’s dismissal without cause in its July 2024 statement of defence but firmly denied all allegations of misconduct. The company argued that Anderson never reported any instances of harassment or toxicity during his tenure, nor had any other employees voiced such concerns. “CNSX specifically denies that Mr. Carleton engaged in any of the conduct complained of” by Anderson, the company stated.
The allegations remain unproven as the case has not yet been heard in court.
In an emailed response, Carleton questioned the relevance of the lawsuit, calling it “founded on faulty premises.” He shared results from a September 2023 internal employee survey conducted by Vancouver-based consultancy Tandem Team, where 75% of 57 respondents said they would recommend the CSE as a great workplace.
Anderson alleges his termination was a direct result of conflicts with Carleton over how to handle two potential conflicts of interest and concerns about the independence of a board director. His claim states that he attempted to disclose these conflicts in a regulatory filing, but Carleton “was furious that the matters were included … lost his temper and declared they were not conflicts of interest, arguing for forty-five minutes.”
CNSX, in its defence, confirmed that the two potential conflicts—one involving a company officer and another concerning a contractor—were identified in 2021 but handled according to company policies.
Additionally, Anderson challenged whether board member Michael Bluestein met the Ontario Securities Commission’s standards for an “independent” director. Bluestein was appointed in 2020 by Urbana Corp. CEO Tom Caldwell, the CSE’s largest shareholder. CNSX argued that these governance disputes had no bearing on Anderson’s dismissal.
Carleton refuted Anderson’s claims in his statement to The Globe and Mail, saying, “the CSE disputes various positions taken by the plaintiff, including specifically the allegations made about violations of securities laws, the claims rooted in reprisal and any suggestion of discrimination or maintenance of a toxic workplace.”
Anderson’s claim also states that he has struggled to secure comparable employment in the two years since his dismissal. Reached by phone, he declined to elaborate on the lawsuit but emphasized the importance of accountability.
“Confidence in the system is eroded” when misconduct goes unaddressed, Anderson said. “People fear speaking up about it, which further emboldens the perpetrators.”
