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 13 years ago to much fanfare. At that time, few would have predicted that the most troublesome and litigated section in Part XXIII.1 would be the section (s.138.14) that created a seemingly simple three year limitation period after a public company’s alleged misrepresentation was released within which to advance claims. First there was the 2011 Sharma v. Timminco decision which said that, unless leave to proceed under Part XXIII.1 was obtained within the ... [more] Full article
Simply creating a website for a business is not unregistered trading or “an act in furtherance of a trade”, court rules
Charges were dismissed by the Ontario Court of Justice in R v. Lowman against two individuals who, in connection with their creation of a website, were alleged to have engaged in ... [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
IIROC and MFDA Can Now Collect Fines in Court
On May 17, 2017, Bill 127 amended the Securities Act which allows both IIROC and the MFDA to file their disciplinary decisions with the Superior Court of Justice as enforceable ... [more] Full article