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Canada Securities Litigation

Bennett Jones LLP

Class Actions: Looking Forward 2025

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We begin with developments of national significance. First, we discuss the amendments to the Competition Act which, effective June 2025, could open the door to a novel quasi-class action scheme entitling private plaintiffs to...more

Bennett Jones LLP

Screening By the Authorizing Judge: Québec Court of Appeal Upholds the Principle of Partial Dismissal in Salko c. Financière...

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On January 30, 2025, the Québec Court of Appeal rendered a judgment in Salko c. Financière Banque Nationale inc., 2025 QCCA 74 (Salko) providing clarity on the application of the Quebec Consumer Protection Act (QCPA) and on...more

Stikeman Elliott LLP

Class Actions in Ontario: 10 Highlights from 2024

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2024 was an active year in the class action arena. In this post, our Litigation group in Toronto discusses noteworthy developments over the past twelve months. While our focus is on cases and other developments affecting...more

Blake, Cassels & Graydon LLP

Litiges en valeurs mobilières : Enjeux actuels au Canada

Les récentes décisions judiciaires et les nouvelles pratiques réglementaires entraînent des répercussions importantes pour les émetteurs à capital ouvert et d’autres participants aux marchés financiers au Canada. Ces...more

Blake, Cassels & Graydon LLP

Securities Litigation: Developing Issues in Canada

Recent court rulings and emerging regulatory practices have significant implications for public issuers and other capital market participants in Canada. These developments touch a range of issues, from corporate disclosure...more

Bennett Jones LLP

Short-Selling Structure not Abusive—Ontario Capital Markets Tribunal Dismisses OSC Allegations in High-Profile Enforcement...

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In recent years, the OSC and other regulatory bodies began signaling to public markets that regulators intended to crack down on what they termed abusive short-sellers. Against this backdrop, the OSC brought enforcement...more

Bennett Jones LLP

Considering Australian Securities Law When Drafting Arrangement Agreements to Acquire Australia-Based Companies

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As a recent decision by the Australian Takeovers Panel (Panel) has confirmed, Canadian issuers looking to complete a merger or strategic transaction with an Australian counterparty in a Canadian plan of arrangement, subject...more

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

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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

Herbert Smith Freehills Kramer

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

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