Five Notable Canadian Securities Litigation Decisions From 2023

The Blakes national Securities Litigation team has identified, and examines in this article, five noteworthy cases from 2023. These cases from across Canada span various tribunals, including the Supreme Court of Canada, Court of Appeal for Ontario, and provincial securities commissions.

The cases arise from a variety of contexts, including class actions, enforcement proceedings and transactional litigation. While some of them set important precedents, others represent developing trends or practice points that prompt a re-evaluation of conventional strategies. Taken together, they reflect:

1. Welcome appellate clarification as to the type of conduct that will meet the test for certain important statutory obligations and offences, including tipping and the obligation to disclose material changes (Markowich/Peters; Re Baay)