Scotiabank launched the Medicus Pension Plan, a multiemployer plan for doctors, in 2023.

Pension plan provider Blue Pier is suing Bank of Nova Scotia BNS-T and its subsidiaries for $700-million in damages, alleging the bank used confidential information to set up a rival plan after talks about a possible partnership broke off.

Blue Pier Administration Corp. provides pension plans as a service to a range of employers, using a for-profit, multiemployer structure that it says is novel in Canada.

Founder and chief executive officer James Pierlot, a former pension lawyer, launched Blue Pier in 2014 with plans to target doctors and other higher-earning professionals who don’t always participate in traditional pension plans.

In 2019, Blue Pier approached Scotiabank about a possible partners

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