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Canada Class Action Misrepresentation

Bennett Jones LLP

Ontario Court of Appeal Puts Teeth Into Leave Test for Secondary Market Misrepresentation Claims Under the Securities Act

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It was another active year in securities class actions, with appellate courts demonstrating renewed interest in secondary market misrepresentation claims. In one such decision from February 2024, Drywall Acoustic Lathing and...more

Stikeman Elliott LLP

Ontario’s Top Court Affirms Evidentiary Principles on Motions for Leave to Commence a Secondary Market Misrepresentation Action

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In Drywall Acoustic Lathing and Insulation (Pension Fund, Local 675) v. Barrick Gold Corporation, 2024 ONCA 105, the Ontario Court of Appeal affirmed the lower court’s decision denying in part the motion for leave to commence...more

Bennett Jones LLP

Above and Beyond the Call of Duty: Honorarium Payments to Representative Plaintiffs in Class Proceedings

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In Makris v Endo International PLC, 2020 ONSC 5709 [Makris], Justice Glustein of the Ontario Superior Court of Justice opined on a niche area of class actions law—honorarium payments for representative plaintiffs. The claim...more

Bennett Jones LLP

Ontario Court of Appeal Certifies Class Action Against Sun Life

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On September 5, 2018, the Ontario Court of Appeal released its decision in Fehr v. Sun Life Assurance Company of Canada, overturning certain parts of the motion judge’s decision and certifying a class action against Sun Life...more

Blake, Cassels & Graydon LLP

Catucci v. Valeant: Implications for Quebec Financings

Quebec courts have reaffirmed how challenging it can be for underwriters, issuers and other defendants to resist securities class actions for statutory primary market liability at the authorization or “certification” stage....more

Blake, Cassels & Graydon LLP

Immediate Relief: Application for Certification of B.C. Cold-Fx Class Action Dismissed

The British Columbia Supreme Court recently dismissed an application for certification of a class action regarding the cold and flu product Cold-Fx in Harrison v. Afexa Life Sciences Inc. (Harrison). The plaintiff alleged...more

Mintz - Securities Litigation Viewpoints

Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a...

As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing – or defending against – a securities class action for secondary market...more

Blake, Cassels & Graydon LLP

Honest Weight: Court of Appeal Affirms Threshold for Leave in Secondary Market Securities Class Action

In its recent decision in Mask v. Silvercorp Metals Inc. (Mask), the Court of Appeal for Ontario (Court) dismissed an appeal of the denial of leave and certification to a proposed statutory secondary market securities class...more

Mintz - Securities Litigation Viewpoints

Canadian Court Holds That Evidentiary Requirement For Leave To File Securities Class Action Is “Not A Low Bar”

In January of 2016, this blog commented on the Supreme Court of Canada’s decision in the seminal case of Canadian Imperial Bank of Commerce v. Green. There, the Court held that a prospective plaintiff must move for leave to...more

Bennett Jones LLP

Deceptive Marketing Class Actions: Trump University

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The most talked about class action in Canada of late is not a Canadian class action at all, but rather one commenced in a U.S. District Court in the Southern District of California. Low v. Trump University, already certified...more

Mintz - Securities Litigation Viewpoints

Ontario Superior Court Decision Confirms That “Public Correction” Requirement is a Temporal Marker

Under the Ontario Securities Act (“OSA”), a statutory right of action exists for secondary market misrepresentation for any person who acquires or disposes of an issuer’s securities within the relevant time period. An action...more

Bennett Jones LLP

Looking Forward: Canadian Class Actions in 2016

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Looking Forward - The last few years have been active for class actions in Canada, and the activity did not slow down in 2015. This past year, Bennett Jones was involved with some of the most important class...more

Blake, Cassels & Graydon LLP

Recent Decision Clarifies Availability of Defences at the Leave Stage in Statutory Securities Class Actions

The Ontario Superior Court of Justice’s (Court) recent decision in Rahimi v. SouthGobi Resources (Rahimi) confirms that courts will consider and evaluate defences at the leave stage of a statutory secondary market disclosure...more

Bennett Jones LLP

Significant Headwinds for Securities Class Actions

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In April 2015, the Supreme Court of Canada released its decision in Theratechnologies Inc. v 121851 Canada Inc., 2015 SCC 18, in which it emphasized the need for a robust screening mechanism to prevent unmeritorious secondary...more

Blake, Cassels & Graydon LLP

Court Endorses High Threshold for Leave, Certification of Secondary Market Securities Class Actions

In its recent decision in Coffin v. Atlantic Power Corp. (Coffin), the Ontario Superior Court of Justice denied a proposed securities class action leave to proceed as a statutory secondary market action and refused to certify...more

Bennett Jones LLP

Bayens v Kinross Gold Corporation – Misrepresentation Claims in Securities Class Actions

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Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure....more

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