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
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