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Home Capital Group Inc.’s struggles to shore up its liquidity and restore market confidence will take on a new dimension Thursday as the Ontario Securities Commission launches hearings into allegations of misleading disclosure at the embattled mortgage lender.

The initial hearing, to be held at the OSC’s offices in Toronto, is expected to be largely procedural but marks the first step in what could be a lengthy process.

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“Depending on how it plays out from start to finish, it could be a multi-year process,” said Kent Thomson, head of the litigation practice at Toronto law firm Davies Ward Phillips & Vineberg LLP, who is not involved in the Home Capital case.

The OSC has accused Home Capital and some of its current and former executives of misleading shareholders, alleging they knew there was fraud in its mortgage broker channel months before the company made public announcements about the problems in July 2015.