Earlier this year, the Ontario Superior Court of Justice (ONSC) in Markowich v. Lundin Mining Corporation, 2022 ONSC 81 (Markowich) denied leave to commence a secondary market securities class action under Part XXIII.1 of Ontario’s
Regression Analysis Fails to Save the Day for the Defendant
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On November 2, 2021, the Ontario Divisional Court dismissed a motion for leave to appeal the decision of Justice Morgan, who granted leave to the plaintiff to commence an action under section 138.3 of the Ontario Securities Act (OSA…
Lathigee v British Columbia Securities Commission: You Can Run, But You May Not be Able to Hide from A Disgorgement Order By a Canadian Securities Regulator
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In a recent decision of the Supreme Court of the State of Nevada (Court), the Court upheld an order made by the Nevada District Court recognizing and enforcing a judgment of the British Columbia Supreme Court arising out…
Investor Protection Law Clinics Benefit from Cy-près Distribution of Settlement Funds: Makris v Endo International PLC
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Makris v Endo International PLC
On October 1, 2020 the Ontario Superior Court approved a securities class action settlement agreement in the amount of $700,000 and a plan of allocation providing for the distribution of the settlement amount, net of…
Ontario Court of Appeal Rejects “Family Resemblance Test”; Sets Aside Custodial Sentence
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On March 16, 2020, the Ontario Court of Appeal released its highly anticipated decision in the saga concerning the Ontario Securities Commission’s (OSC) prosecution of Daniel Tiffin (Mr. Tiffin). The Court’s decision helps clarify the analysis…
Delaware Supreme Court holds Delaware corporations can adopt federal-forum selection provisions
By Admin, Peter A. Stokes & Trevor G. Pinkerton on
On March 18, 2020, the Delaware Supreme Court reversed the Delaware Court of Chancery and held that Delaware corporations can adopt federal-forum selection provisions (FFPs) requiring that claims arising under the federal Securities Act of 1933 (1933 Act) be brought…
Directors and officers face increased liability risk due to climate change
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Climate change has been a focus in the United States for quite some time now, and the US Securities and Exchange Commission (SEC) published interpretive guidance on climate change disclosures a decade ago. However, the times are changing—and the potential…
Alberta Court of Appeal considers an investment scheme
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The Alberta Court of Appeal has provided helpful analysis relating to personal liability of actors in investment schemes: personal liability of principals and claims under the Securities Act.
Facts
Charles Ryan promoted a plan to develop land through various…
US Second Circuit rules Issuer’s statements concerning regulatory compliance too generic to constitute material misstatements
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On March 5, 2019, the United States Court of Appeal for the Second Circuit affirmed the dismissal of a class action claim alleging securities fraud based on purportedly misleading statements made by an Issuer regarding its regulatory compliance efforts. The…
The Quebec Court of Appeal qualifies litigation funding agreement as a plan of arrangement
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Overview
In Arrangement relatif à 9354-9186 Québec inc. (Bluberi Gaming Technologies Inc.), the Quebec Court of Appeal characterized a litigation funding agreement in the context of CCAA proceedings as a plan of arrangement, ordering a creditor vote for its…