The Court of Appeal recently upheld the stay of a proposed shareholder class action for lack of jurisdiction. The appellant, Wai Kin Yip, brought a claim for secondary market misrepresentation under Part XXIII.1 of the Securities Act against HSBC Holdings plc and its former Head of Group Compliance. Yip also asserted a common law negligent misrepresentation claim against HSBC Holdings. The Court of Appeal substantially agreed with Justice Perrell’s decision to stay the proposed class action. A summary of Justice Perrell’s decision can be found here. The securities in question were not traded in Canada or listed on any Canadian ... [more] Full article