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ARTICLE · 05 JANUARY 2010

Low Threshold For Leave To Proceed In Claim For Secondary Market Misrepresentation

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On December 14, 2009, the Ontario Superior Court of Justice granted leave for the plaintiffs in Silver et al. v. IMAX Corporation to proceed with a claim under the secondary market disclosure civil liability provisions of the Ontario "Securities Act". The court concurrently issued its decision certifying the action as a class proceeding.

CanadaFinance and Banking
Fred Pletcher
Fred Pletcher
David Surat
David Surat
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On December 14, 2009, the Ontario Superior Court of Justice granted leave for the plaintiffs in Silver et al. v. IMAX Corporation to proceed with a claim under the secondary market disclosure civil liability provisions of the Ontario Securities Act. The court concurrently issued its decision certifying the action as a class proceeding.

Leave To Proceed

This decision is the first to interpret the requirement under section 138.8 of the Ontario Securities Act for a plaintiff to obtain leave of the court before commencing an action for misrepresentations in a reporting issuer's public disclosure.

In order to grant leave, the court must be satisfied that:

  • the action is being brought in good faith; and

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