News & Analysis as of

Securities Litigation Canada

Bennett Jones LLP

Class Actions: Looking Forward 2024

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In our 2024 edition of Looking Forward, we review notable class action developments from the past year and consider what recent trends in the law might tell us about what to expect in the years ahead....more

Bennett Jones LLP

The Supreme Court Holds That Securities Disgorgement Orders Survive Bankruptcy

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In ruling that a securities regulatory authority's disgorgement orders (a sanction stemming from misconduct) survive a bankruptcy discharge while its administrative penalties do not, the Supreme Court of Canada endorsed the...more

Bennett Jones LLP

Only B.C. Residents Can File Class Actions in British Columbia

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In MM Fund v. Excelsior Mining Corp. (MM Fund), the B.C. Court of Appeal upheld a decision striking a plaintiff's certification application because the plaintiff mutual fund was not a resident of British Columbia. Under s....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

Blake, Cassels & Graydon LLP

Cinq décisions canadiennes notables de 2023 dans le domaine des litiges en valeurs mobilières

Les membres du groupe Litiges en valeurs mobilières de Blakes ont cerné cinq décisions de 2023 particulièrement dignes d’intérêt. Dans le présent bulletin, nous examinons ces décisions, lesquelles ont été rendues par des...more

Blake, Cassels & Graydon LLP

Five Notable Canadian Securities Litigation Decisions from 2023

The Blakes national Securities Litigation team has identified, and examines in this article, five noteworthy cases from 2023. These cases from across Canada span various tribunals, including the Supreme Court of Canada, Court...more

Bennett Jones LLP

Class Actions: Looking Forward 2023

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We begin with an update on a trilogy of privacy class actions appeals in which plaintiffs sought, unsuccessfully, to expand the tort of intrusion upon seclusion. Next, we canvass the various approaches of Ontario courts...more

Blake, Cassels & Graydon LLP

Des sanctions imposées par la SEC relativement à la tenue de documents mettent en garde les maisons de courtage canadiennes

Des amendes totalisant plus de 1 G$ US infligées récemment aux États-Unis dans le cadre d’une série de règlements liés à des manquements aux exigences relatives à la tenue de documents rappellent aux maisons de courtage...more

Blake, Cassels & Graydon LLP

SEC Crackdown on Record-Keeping Failures Offers a Warning to Canadian Securities Firms

A series of recent settlements in the United States relating to record-keeping violations, with fines totalling over US$1-billion, offer a reminder to Canadian securities firms of the importance of supervising the forms of...more

Bennett Jones LLP

Ontario Court of Appeal Provides Further Guidance on the Leave Test for Securities Misrepresentation Claims

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The test for leave to bring a secondary market securities misrepresentation claim under section 138.3 of the Ontario Securities Act (OSA) has been the source of much confusion and conflicting jurisprudence. In a series of...more

Bennett Jones LLP

New Prospectus Exemption for Listed Issuers to Come Into Effect November 21, 2022

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The Canadian Securities Administrators (CSA) recently announced an amendment to National Instrument 45-106 Prospectus Exemptions (NI 45-106) that introduces a new prospectus exemption (the Listed Issuer Financing Exemption)...more

Bennett Jones LLP

The “Modest” Role of Public Corrections in Secondary Market Misrepresentation Claims

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The Ontario Court of Appeal recently released its decision in Baldwin v Imperial Metals Corporation, 2021 ONCA 838 [Imperial Metals] and provided additional guidance on the role public correction plays in secondary market...more

Blake, Cassels & Graydon LLP

Les ACVM finalisent les modifications visant à rehausser la protection des clients âgés et vulnérables

Le 15 juillet 2021, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié les modifications définitives (les « modifications ») du Règlement 31-103 sur les obligations et dispenses d’inscription et les...more

Blake, Cassels & Graydon LLP

CSA Finalizes Amendments to Protect Older and Vulnerable Clients

On July 15, 2021, the Canadian Securities Administrators (CSA) published final amendments (Amendments) to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Companion...more

Blake, Cassels & Graydon LLP

Double péril à la Commission des valeurs mobilières de l’Ontario?

Dans une série de procédures administratives récentes de la Commission des valeurs mobilières de l’Ontario (la « CVMO »), le personnel de la Mise en application de la CVMO (le « personnel ») a cherché à présenter des...more

Blake, Cassels & Graydon LLP

Double Jeopardy at the Ontario Securities Commission?

In a series of recent Ontario Securities Commission (OSC) administrative proceedings, enforcement staff of the OSC (Staff) have sought to present the allegations against respondents in a manner that would, if accepted,...more

A&O Shearman

Central District Of California Sustains Putative Class Action Against Canadian Silver Company And Its Auditor For Failing To...

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On March 25, 2019, Judge Christina A. Snyder of the United States District Court for the Central District of California denied a motion to dismiss a class action filed against a Canadian silver company (the “Company”),...more

Kramer Levin Naftalis & Frankel LLP

Southern District of New York Dismisses Securities Law Claims on Grounds of International Comity; No Chapter 15 Proceeding...

Recently in Ema Garp Fund v. Banro Corp., Case No. 18-01986 (S.D.N.Y. Feb. 21, 2019), the District Court for the Southern District of New York dismissed the plaintiffs’ claims against defendants Banro Corporation ("Banro")...more

Bennett Jones LLP

Litigating Securities Fraud in the Climate-Change Era

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Climate change disclosure is receiving greater attention from Canadian public companies and their investors. As various legal claims begin to shape the world of climate change litigation, both in and outside of Canada,...more

Blake, Cassels & Graydon LLP

The Man Who Sold (Around) the World: Ontario Not a Default Jurisdiction for Securities Class Actions

In its decision in Yip v. HSBC Holdings PLC, the Ontario Court of Appeal clarified the proper interpretation of “responsible issuer” in the context of a statutory claim for secondary market misrepresentation under Part...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - CFTC Reduces Risk for Customer Funds Held by Derivatives Clearing Organizations by Expanding Investment Options - On July 19, 2018, the Commodity Futures Trading Commission (the...more

Blake, Cassels & Graydon LLP

Market Correction: B.C. Court Orders Securities Regulator to Revisit Sanctions Regime

The British Columbia Court of Appeal (Court) recently released its decision in Davis v. British Columbia (Securities Commission) (Davis), overturning the decision of the B.C. Securities Commission (Commission) to impose a...more

Mintz - Securities Litigation Viewpoints

Canadian Court Limits Underwriters’ Liability and Susceptibility to Class Treatment

In LBP Holdings Ltd. v Hycroft Mining Corporation, the Ontario Superior Court of Justice denied the plaintiff’s motion to certify a class action in common law negligence and negligent misrepresentation against the...more

Blake, Cassels & Graydon LLP

“Insider” Trading: Who Is an Insider?

The Ontario Court of Appeal’s decision in Finkelstein v. Ontario Securities Commission clarifies when a recipient of material, non-public information (MNPI) about a public issuer (a “tippee”) may be liable for insider trading...more

Bennett Jones LLP

5 Business Cases to Watch in the Supreme Court’s Winter Session

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With the beginning of the Supreme Court of Canada’s Winter Session on January 8, the Supreme Court of Canada entered a new era following the retirement of former Chief Justice Beverly McLachlin and the appointment of Chief...more

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