Superior Court clarifies that unmet shareholder expectations do not always amount to oppression
In Darvish-Kazem v Pazkaz Enterprises Inc, 2022 ONSC 1667, Justice E.M. Morgan of the Ontario Superior Court of Justice issued a friendly reminder pertaining to the OBCA’s s. 248 oppression remedy: without unfair prejudice or disregard of the minority’s rights, not every unmet, subjective expectation by a shareholder will give rise to such a claim. Background In 2013, two physicians, Michael Pazaratz (“Pazaratz”) and Saeed Darvish-Kazem (“Darvish-Kazem”), ventured out of the medical industry to start a software company, Rave Inc. (“Rave”). At the same time, they created a holding company, Pazkaz Enterprises inc. (“Pazkaz”), which was to own 40% of ... [more] Full article
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 ... [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
- Failure to register share transfer doesn’t mean that it didn’t happen: Supreme Court of Canada denies oppression remedy claim
- Ontario: an arbitration-friendly jurisdiction, Court of Appeal confirms
- Shotgun Clause Robs Shareholders of $750k
Shareholder 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.
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.
Masiel A. Matus
Masiel has a broad commercial litigation practice and represents both national and international clients in a variety of complex matters. Masiel has experience litigating cases involving professional negligence, commercial leasing and real property disputes, insurance, contract disputes, shareholder disputes, fraud, breach of fiduciary duty, breach of trust, employment matters and defamation claims.
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.
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.
