in which the parties entered into a loan agreement which provided for a criminal rate of interest.

By a 4-3 majority they restored the trial judge's holding that at least in a case involving sophisticated parties, it was possible to perform what they call "notional severance" so that the lender gets the maximum amount of interest allowed by the criminal law, that is 60% pa in Canada, rather than what they call "blue pencil severance" which requires that you strike out actual terms of the contract until you get down to a legal rate.

Lionel

PS please don't write to say it is not a restitution case, I know ... the same provision of the Criminal Code has generated many restitution cases.