Proposed shareholder class action stayed due to lack of jurisdiction
A proposed shareholder class action against HSBC Holdings plc was recently stopped in its tracks by the Ontario Superior Court due to a lack of jurisdiction. The plaintiff, Wai Kan Yip, alleged that HSBC Holdings plc, the London-based parent holding company of HSBC banks and financial services firms around the world, had carried on business in violation of anti-money laundering and anti-terrorist financing laws. Yip and his counsel sought to bring a class action in Ontario for both common law misrepresentation and under Part XXIII.1 of the Ontario Securities Act, on behalf of worldwide holders of HSBC securities. The plaintiff ... [more]
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