The Litigator
The Litigator
AGM :: Affleck Greene McMurtry LLP
THE LITIGATOR
Affleck Greene McMurtry LLP
365 Bay Street, Suite 200  ·  Toronto, Canada
416 360 2800  ·  info@agmlawyers.com  ·  www.thelitigator.ca

Lenders’ misrepresentation claim against auditor summarily dismissed

In the latest chapter in an almost 20-year-old saga involving Philip Services Corp. (“Philip”) and an accounting fraud uncovered in 1998, Ontario Superior Court Justice Perell summarily dismissed a negligent misrepresentation claim brought against Philip’s auditor, Deloitte & Touche (“Deloitte”).[1] In dismissing the claim last December, Justice Perell reaffirmed the longstanding principle established by the Supreme Court of Canada in Hercules v. Ernst & Young[2] that, as a general rule, auditors do not owe a duty of care to third parties such as investors, lenders, creditors or suppliers of the companies they audit. As expressed by the Supreme Court of ... [more] Full article

After the Storm: only CIBC and IMAX class actions survive

In Ontario, the last four years have been overcast for securities class actions. The clouds lifted last week, when the Supreme Court clarified a critical limitation period by overturning the ... [more] Full article

Ontario’s top court affirms denial of leave to amend claim in secondary market misrepresentation class action

The requirement for leave of the court in order to proceed with secondary market claims under Part XXIII.1 of the Securities Act continues to evolve and be the subject of extensive judicial commentary almost ten years after it came into force. [more] Full article

Will Crowdfunding “Kickstart” Ontario’s Exempt Market?

On March 20, the Ontario Securities Commission (OSC) along with its counterparts in Quebec, New Brunswick, Nova Scotia, Manitoba, and Saskatchewan, unveiled the proposed rules to deal with crowdfunding (among ... [more] Full article