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ARTICLE · 22 APRIL 2026

Clean Sweep: B.C. Supreme Court Dismisses Secondary Market Claims On Multiple Grounds

Blake, Cassels & Graydon LLP
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On April 16, 2026, in Larouche v. PGM ResidualCo Holdings Inc., the British Columbia Supreme Court (Court) denied leave to commence secondary market claims under the B.C. Securities Act (Act) in a proposed class action alleging misrepresentations in public disclosure documents by a public issuer.

CanadaLitigation, Mediation & Arbitration
Sean Boyle
Sean Boyle
Joshua Hutchinson
Joshua Hutchinson
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Melika Tashakor
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On April 16, 2026, in Larouche v. PGM ResidualCo Holdings Inc., the British Columbia Supreme Court (Court) denied leave to commence secondary market claims under the B.C. Securities Act (Act) in a proposed class action alleging misrepresentations in public disclosure documents by a public issuer. The Court found that the petitioner failed to meet the statutory leave requirements in section 140.8 of the Act on multiple independent grounds, including insufficient pleadings, fundamental evidentiary defects, no reasonable prospect of success and applicable limitation defences.

The decision provides significant guidance on the procedural and substantive requirements for leave to bring secondary market claims and reinforces the gatekeeping function of the test. It also provides clear guidance on when the B.C. Class Proceedings Act (CPA) tolls limitation periods.

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