How high is too high? Appeal court finds that OSC penalties are not high enough to be unconstitutional
In a decision released in March in Rowan v. Ontario Securities Commission, 2012 ONCA 208, the Ontario Court of Appeal declined to overturn on constitutional grounds the substantial penalties imposed by the Ontario Securities Commission against an investment dealer and several of its officers for breaches of securities laws in relation to their trading in Biovail Corporation shares. In particular, the Court of Appeal upheld the decision of the OSC tribunal that penalties and costs awards against all respondents totalling in excess of $1.3 million did not rise to the level of penal sanctions; sanctions that would give rise to ... [more]
Mutual fund leveraging class action certified
Request to Admit served during adjournment of trial allowed by court
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