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Class Action Canada Securities Litigation

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
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

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

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

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

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

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

Dechert LLP

Developments in Global Securities Litigation

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As securities markets become increasingly interconnected, multi- national public corporations continue to be a part of a significant sea change in the globalization of securities fraud litigation—a change that began with the...more

Bennett Jones LLP

No Statutory Claim? No Certification for Securities Class Action

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Last week, Justice Perell released a securities class action decision (LBP Holdings Ltd. v. Hycroft Mining Corporation, 2017 ONSC 6342 [Hycroft]) refusing to certify a common law claim for negligent misrepresentation against...more

Bennett Jones LLP

Looking Forward: Canadian Class Actions in 2017

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As we start 2017, uncertainty abounds. Donald J. Trump’s ascension to the Presidency and populist movements in Europe and Britain are set to upend global norms and challenge the status quo. Serious questions are being raised...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

Blake, Cassels & Graydon LLP

10 Tips for Navigating A Securities Class Action

Not Just for Issuers Anymore - Plaintiffs’ counsel have been trying to bring underwriters, bankers, auditors and other advisers into securities class actions as defendants, particularly where an issuer is unlikely to...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

Legal Trends: Litigation & Dispute Resolution

In 2016, regulated persons in Canada are increasingly likely to find themselves facing prosecution before tribunals, rather than in courts, and facing significant exposure to monetary penalties in those proceedings. ...more

Bennett Jones LLP

Supreme Court of Canada Releases Securities Class Actions Trilogy - Clarifies that the Leave Test has Teeth in Common Law...

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The Supreme Court of Canada released reasons in its highly-anticipated trilogy of securities class action cases. In Canadian Imperial Bank of Commerce v. Green, a deeply divided Court reached differing conclusions on...more

Proskauer - Corporate Defense and Disputes

U.S. Court Dismisses Foreign Residents’ Foreign-Law Claims Arising from Securities Purchased on U.S. Markets

Much ink has been spilled since the Supreme Court’s 2010 decision in Morrison v. National Australia Bank about the federal securities laws’ applicability to foreign transactions in foreign securities.  But what happens when...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

Looking Forward: Canadian Class Actions in 2015

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Looking Forward - Developments in the courts continue to make class actions an attractive option for plaintiffs. The sphere of risk for companies operating in Canada is expanding. It is thus no surprise that activity...more

Blake, Cassels & Graydon LLP

2014 Securities Class Actions Year in Review: Five Developments That Will Change the Landscape

The year 2014 brought further development and maturity to Canadian securities class action regimes but the case law continues to reveal discordant themes. Preliminary issues relating to jurisdiction, the leave test and...more

Bennett Jones LLP

Ontario Legislature Clarifies Securities Limitation Period

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Less than one month after the Supreme Court of Canada announced that it will hear appeals in a trilogy of Ontario securities class action cases that address how the three years limitation period under the Ontario Securities...more

Bennett Jones LLP

Supreme Court Grants Leave to Appeal in Securities Class Actions

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The Supreme Court of Canada announced today that it will hear appeals in a trilogy of Ontario securities class action cases: Green v. CIBC, Silver v. IMAX and Celestica v. Millwright Regional Council of Ontario Pension Trust...more

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