Court of Appeal upholds stay of secondary market misrepresentation claim on jurisdictional grounds

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
Ontario Court of Appeal (again) clarifies the limitation period for secondary market shareholder claims under the Ontario Securities Act
Part XXIII.1 of the Ontario Securities Act, which created a statutory cause of action for misrepresentation available to purchasers of securities on the secondary market (i.e. a stock market), was enacted more than ... [more] Full article
Supreme Court of Canada (partially) upholds judgment against former Livent auditor
On December 20, Canada’s highest court released a hotly anticipated decision that is almost certainly the final act in the more than 20 year saga of a formerly pre-eminent theater ... [more] Full article
Proposed shareholder class action stayed due to lack of jurisdiction
A proposed shareholder class action against HSBC Holdings plc was recently stopped in its tracks by the Ontario Superior Court due to a lack of jurisdiction. The plaintiff, Wai Kan ... [more] Full article
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