OSC announces “no-contest” settlement program
The Ontario Securities Commission decided it will now settle enforcement proceedings in some cases without requiring admissions of fault (announced on March 11, 2014). This changes the OSC’s prior practice of generally requiring parties subject to enforcement to openly admit misconduct before the OSC would settle the enforcement proceeding. This remains the practice if the accused has committed fraud or other serious misconduct. But in other cases (explained in OSC Staff Notice 15-702), for example if a company self-reports a lesser compliance issue and pays necessary compensation, the OSC may resolve charges against the company without requiring it to say it did anything wrong. The final settlement must still be approved by an OSC hearing panel. The United States Securities ... [more] Full article
“Green” Light for Class Actions? Court of Appeal Overturns Sharma v. Timminco
Securities class actions have come full circle. Two years ago, a “thunderbolt” decision from the Ontario Court of Appeal barred class actions for secondary market misrepresentation under the Ontario Securities Act unless the plaintiffs won the ... [more] Full article
Reasonable Limitation: Supreme Court defers to BC Securities Commission
A recent Supreme Court decision showed the power of provincial securities commissions. In McLean v. British Columbia (Securities Commission) (2013 SCC 67, available here), McLean challenged the BC Securities Commission’s 2010 decision ... [more] Full article
Class Curtailed – U.S. Settlement Results in Significant Amendment to Class Definition in IMAX
Plaintiff class action lawyers were unable to convince the Divisional Court to grant leave to appeal an earlier decision of the Superior Court of Justice in which Justice van Rensberg significantly reduced the size of the plaintiff class in Silver v. IMAX. [more] Full article