
In a pair of companion decisions released on May 24, 2023 (Markowich v. Lundin Mining and Peters v. SNC-Lavalin Group Inc.) the Court of Appeal for Ontario respectively overturned and upheld Superior Court of Justice decisions refusing leave to proceed with proposed class actions under Part XXIII.1 of the Securities Act. Both decisions turned on whether certain events met the definition of a “material change” that the companies should have publicly disclosed sooner. In Lundin Mining, the events were pit wall instability and a rockslide at one of the defendant mining company’s Chilean open pit mines. In SNC-Lavalin, the event was ... [more] Full article