Investors in Risky Securities Given Second Chance to Certify Class Action
The Ontario Court of Appeal recently held that a class action brought on behalf of investors in risky securities discloses a sufficient cause of action to be certified. The decision may open the gates to more securities class actions in Ontario. It also serves as a cautionary tale for fund developers and managers to consider when crafting disclosure documents under the Securities Act. Wright v Horizons ETFS Management (Canada) Inc. deals with a proposed class action brought on behalf of investors in a complex derivative-based exchange-traded fund (ETF) developed and managed by Horizons. The ETF was available for retail investors ... [more] Full article
Superior Court refuses to certify $100 million auditor’s negligence class action
In a decision released early this year, Mr. Justice Paul Perell of the Ontario Superior Court of Justice refused to certify a proposed $100 million class action against the former ... [more] Full article
Failure to Disclose Fees on Investment Accounts can be a Breach of Fiduciary Duty
On February 28, 2020, a judge of the Ontario Superior Court granted judgment in a class action and awarded an accounting of the profits realized by three Bank of Montreal ... [more] Full article
Alberta Court rules that an Alberta Securities Commission administrative penalty can survive bankruptcy
On January 17, 2020, Justice Romaine of the Alberta Court of Queen’s Bench released a potentially monumental decision in Alberta Securities Commission v Hennig. The decision arose out of an ... [more] Full article