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
In an active year in securities class actions, Canadian courts have provided new guidance and clarity in a number of important areas. Below we briefly review a number of significant decisions in Canadian securities class...more
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
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
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
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
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