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ARTICLE · 08 JANUARY 2009

Developments In Securities Class Actions In Ontario

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This bulletin discusses developments under Ontario's secondary market liability regime: the status of the claims that have commenced and two decisions that have been rendered regarding the important requirement for plaintiffs to obtain leave to proceed with a claim under this regime.

CanadaLitigation, Mediation & Arbitration
Joel Wiesenfeld
Joel Wiesenfeld
John Fabello
John Fabello
Andrew Gray
Andrew Gray
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This bulletin discusses developments under Ontario's secondary market liability regime: the status of the claims that have commenced and two decisions that have been rendered regarding the important requirement for plaintiffs to obtain leave to proceed with a claim under this regime. Torys closely monitors developments in securities class actions and will provide updates as cases progress through our courts.

Highlights of the Secondary Market Liability Regime

Ontario's regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act. The amendments created a statutory cause of action allowing shareholders to seek damages when an issuer fails to make timely disclosure of material changes or an issuer's disclosure contains a material misrepresentation.

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