Topic: Civil claims

Court of Appeal for Ontario expands on auditors’ duty of care

By Fahad Siddiqui on September 14, 2018 Posted in Civil claims, Other developments

Key take-aways On September 5 the Court of Appeal for Ontario issued its decision in Lavender v. Miller Bernstein LLP, 2018 ONCA 729. The decision is now the leading judgment by Ontario’s highest court on the duty of care owed by auditors. The Court of Appeal held that an auditor does not owe a duty of care … Continue reading

Quebec Superior Court dismisses action for damages against Autorité des marchés financiers

By Sophie Melchers and Caroline Larouche on September 7, 2018 Posted in Civil claims, Cross border issues, Other developments

In Mallat c. Autorité des marchés financiers de France, 2018 QCCS 3867, Cohen J. granted a motion to dismiss an action brought by three Ubisoft executives (Plaintiffs) against the Autorité des marchés financiers de France (AMFF) and the Autorité des marchés financiers du Québec (AMFQ). Among many demands[1], the Plaintiffs requested declarations that the Multilateral … Continue reading

The Importance of Materiality in Secondary Market Misrepresentation Claims: Paniccia v. MDC Partners Inc. Securities Class Action

By Linda Fuerst and Danny Urquhart on June 18, 2018 Posted in Civil claims, Class actions, Cross border issues

In the recent decision of Paniccia v MDC Partners Inc., Perell J. refused to grant leave to proceed with a putative secondary market securities class action under Part XXIII.1 of the Ontario Securities Act (OSA) against MDC Partners Inc and certain of its officers on the basis that the alleged misrepresentations were not material. The … Continue reading

Ontario Court Rejects “Family Resemblance” Test for Defining Securities under the Securities Act

By Michael Bookman on May 29, 2018 Posted in Civil claims, Other developments

On May 15, 2018, the Ontario Superior Court of Justice in Ontario Securities Commission v. Tiffin confirmed that the “family resemblance” test cannot be used to answer one of the central questions of securities law: what constitutes a security? Background In July 2014, the Ontario Securities Commission (OSC) prohibited Mr. Tiffin from trading in securities … Continue reading

Not All’s Fair in Disgorgement and Fraud

By Danny Urquhart on May 1, 2018 Posted in Civil claims, Other developments, White collar crime

On April 18, 2018, the Ontario Superior Court of Justice released its reasons in Ontario Securities Commission v. Bluestream Capital Corporation which is a useful illustration of the Ontario Securities Commission (OSC)’s power to garnish funds held by victims of investment fraud that are payable as debts to the perpetrator of the fraud. The Background … Continue reading

Deferred Prosecution Agreements: Coming to Canada Shortly

By Stephen Nattrass on March 29, 2018 Posted in Civil claims, Other developments, White collar crime

The Canadian government, as part of Bill C-74-1 the Budget Implementation Act introduced on March 27, 2018, finally introduced a bill that would make deferred prosecution agreements (DPAs) part of the Criminal Code. This new prosecutorial tool would represent a significant shift in Canada’s approach towards corporate wrongdoing – one that aligns Canada more closely … Continue reading

Investment advisors’ legal duties fall under the spotlight

By Jeremy Devereux on July 21, 2017 Posted in Civil claims, Legislation, rules and policies

In a decision released July 6, 2017- Shinoff v BMO Nesbitt Burns Inc et al.– Justice France Dulude of the Québec Superior Court provided helpful guidance on the duties owed by investment advisors to their clients. The plaintiff claimed that the defendants had failed to provide investment advice that was appropriate for his financial objectives. … Continue reading