Updates on TRANSCANADA CORP., GREAT-WEST LIFECO, BANK OF NOVA SCOTIA and LOBLAW COS.

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TRANSCANADA CORP. $37.42 (Toronto symbol TRP; Shares outstanding: 693 million; Market cap: $25.9 billion; SI Rating: Above Average; Dividend yield: 4.3%; www.transcanada.com) agreed to build a natural-gas-fired electrical-power plant in Oakville, Ontario, in 2008. It also signed a 20-year deal to sell this plant’s electricity to Ontario’s power regulators. However, the Ontario government now feels that the plant is no longer needed, and has cancelled the project. As a result, the government will pay TransCanada an undisclosed termination fee to compensate the company for the funds it has spent on the project to date. TransCanada is still a buy. GREAT-WEST LIFECO $26.57 (Toronto symbol GWO; Shares outstanding: 948 million; Market cap: $25.2 billion; SI Rating: Above Average; Dividend yield: 4.6%; www.greatwestlifeco.com) has been ordered to pay $456 million in a class-action lawsuit related to its 1997 takeover of London Life Insurance Company. The lawsuit accused Great-West of improperly using the money in London Life’s client accounts to fund the takeover…