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
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
IIROC and MFDA to be Merged into Single Self-Regulatory Organization
Earlier this week, the Canadian Securities Administrators (CSA) announced that Canada’s two pre-eminent investment industry self-regulatory organizations will be merged into a single regulatory organization (SRO). The new SRO, as ... [more] Full article
Investment Dealers Could Face Class Actions for Systemic Breaches of their Duty to Inform
Class Actions were created to be a more efficient and cheaper option for a number of people with common claims based on the same circumstances. However, class actions (obviously) cannot ... [more] Full article
Securities Litigation Contributors
Kenneth A. Dekker
Kenneth Dekker, a partner of the firm, is a successful trial and appellate lawyer who is valued by his clients as a resourceful and practical litigation counsel. Over more than two decades, Ken has litigated noteworthy cases in a range of fields that include class action defence, securities and broker-dealer litigation and regulatory defence, corporate and shareholder disputes (including oppression and winding up cases), defamation, civil fraud litigation, disputes over contracts, injunctions, professional liability litigation, employment litigation and cross-border litigation issues. Ken has appeared before all levels of courts in Ontario, including the Ontario Court of Justice, the Superior Court of Justice, the Divisional Court and the Court of Appeal for Ontario, as well as before the Supreme Court of Canada. Ken also represents and advises clients in regulatory matters before the Investment Industry Organization of Canada (IIROC), the Mutual Fund Dealers Association of Canada (MFDA) and the Ontario Securities Commission (OSC). Ken has been ranked as Repeatedly Recommended for Securities Litigation by Lexpert, for Corporate and Commercial Litigation by Best Lawyers of Canada, and he has been given the highest available rating of AV, or pre-eminent, by his peers on Martindale-Hubbell.
Peter R. Greene
Peter is a widely recognized and renowned litigator with substantial expertise in high profile and complex Commercial Litigation at the trial and appellate levels. Peter acts as counsel for insurance companies on professional liability, E&O claims, Director's and Officer's liability, and surety, fidelity and dishonesty bond claims. He has particular expertise in securities litigation and Regulatory Hearing, and has acted for Canada's largest investment firms. He regularly acts as defence counsel in large Class Actions before the courts in Ontario, and before national and provincial Regulatory agencies, boards and tribunals. Peter is regularly involved in large product liability and construction contract cases involving Construction Liens or Surety Bonds.
Meredith Hayward
Meredith has earned an impressive reputation for her skill and abilities in Commercial Litigation and Administrative Law, appearing at all levels of court in Ontario, before the British Columbia Court of Appeal, and before the Supreme Court of Canada.
Ardita Sinojmeri
Ardita joins Affleck Greene McMurtry LLP as an Associate Lawyer after completing her articles with the firm. Her growing practice encompasses a broad range of litigation matters including securities litigation, insurance defence, employment disputes, and shareholder disputes. Ardita earned her Juris Doctor from Western University’s Faculty of Law. Prior to joining the firm, she participated in a number of initiatives aimed at helping individuals and businesses struggling through COVID-19. Ardita looks forward to putting her legal, business, and community engagement skills to use in all the firm’s practice areas.
- Advisor’s Costly Conflict: Court Upholds OSC's $500K Penalty and Industry Ban against Advisor who inherited from elderly client
- The Ontario Court of Appeal Confirms: Independent Contractors Have a Duty to Mitigate
- Superior Court clarifies that unmet shareholder expectations do not always amount to oppression
Christopher Somerville
Chris brings a creative, strategic, and practical approach to litigation. His wide-ranging experience and expertise encompass numerous areas of law, including corporate/commercial, securities, employment, construction, product liability, asset recovery, and administrative law.
David N. Vaillancourt
David's practice expertise focuses on all matters of Commercial and Civil Litigation, Competition and Administrative Law. David has acted for clients in a wide range of disputes, including shareholder and partnership disputes, securities litigation, class action defence, proceedings under the Competition Act, employment law disputes, contract disputes, breach of confidence/intellectual property disputes, fidelity bond claims, and professional negligence claims. David has appeared before all levels of court in Ontario, including the Court of Appeal for Ontario, and has also appeared before the Competition Tribunal and the Federal Court of Appeal. David has appeared as lead counsel in numerous trials, hearings, and motions. David has been successful in numerous adversarial proceedings, and also has successfully negotiated the resolution of dozens of cases.
