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ARTICLE · 17 AUGUST 2010

Update on Securities Class Actions in Quebec – Secondary Market Liability

Blake, Cassels & Graydon LLP
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On July 26, 2010, a motion was filed seeking authorization to institute a class action against a reporting issuer before the Superior Court of Quebec based on the secondary market liability provisions of the Securities Act (Quebec) (QSA).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Class Actions/Securities Regulation, August 2010

On July 26, 2010, a motion was filed seeking authorization to institute a class action against a reporting issuer before the Superior Court of Quebec based on the secondary market liability provisions of the Securities Act (Quebec) (QSA). This is one of the first such class action proceedings in Quebec, following the amendment of the QSA in November 2007 to create secondary market liability for misrepresentations in disclosure documents and for failure to provide timely disclosure of material changes. Please see our November 2007 Blakes Bulletin: New Securities Class Action Exposure in Quebec: Secondary Market Liability Amendments to the Securities Act (Quebec) for a discussion of the QSA secondary market liability provisions.

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