Fiduciary Duty for advisors not created by “Best Interest” standard alone
The Ontario Divisional Court recently confirmed the dismissal of a certification motion against an investment dealer and two individual advisors for breach of fiduciary duty. In Boal v. International Capital Management Inc., the court held that a regulatory “best interest” obligation imposed by the Mutual Fund Dealers Association rules and by-laws and the Financial Planners Council Code of Ethics do not in and of themselves create a common law fiduciary duty. The Court confirmed that whether a fiduciary duty exists between an investment advisor and a client must be determined on a case-by-case and client-by-client basis using the multi-factor analysis ... [more] Full article
Dirty Diesel: The Challenge of Isolating Compensable Losses in a Motion for Certification
In 2015, the Environmental Protection Agency of the United States (EPA) made waves when it determined that millions of Volkswagen “clean diesel” cars sold worldwide were cheating government emissions tests. ... [more] Full article
Ontario Superior Court of Justice Clarifies when Individual Claims Can Be Maintained Alongside a Pending Class Action
A recent ruling of the Ontario Superior Court of Justice provides clarification about when an individual action should be allowed to continue, despite the presence of pending class actions that ... [more] Full article
Ontario Affirms Gatekeeping Function Of Robust Leave Test For Securities Class Actions
The well-documented barrage of litigation against Montreal-based engineering and construction giant SNC-Lavalin continues. In a recent decision by Justice Perell in Peters v. SNC-Lavalin Group Inc., 2021 ONSC 5021, the ... [more] Full article