Share on LinkedInShare on LinkedIn

ARTICLE · 12 OCTOBER 2021

Why A Recent ETF Class Action May Prompt Reform To The Ontario Securities Act

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Contributor
Borden Ladner Gervais LLP

Borden Ladner Gervais LLP

With over 750 lawyers, intellectual property agents and other professionals, BLG services...

View firm profile
Explore more from Borden Ladner Gervais LLP

In recent years, exchange traded funds have become a significant feature in the Canadian securities landscape. However, Ontario securities jurisprudence concerning ETFs remains at an early stage.

CanadaLitigation, Mediation & Arbitration
Adrian Pel
Adrian Pel
Author LinkedIn connections

In recent years, exchange traded funds have become a significant feature in the Canadian securities landscape. However, Ontario securities jurisprudence concerning ETFs remains at an early stage. The recent Ontario Superior Court of Justice decision in Wright v. Horizons ETFS Management (Canada) Inc., 2021 ONSC 3120 (Wright) is an important development in the area that, in the court's own view, has the potential to prompt legislative or regulatory reform.

What you need to know

  • In Wright, the Court refused to certify a primary market misrepresentation claim brought under the Ontario Securities Act (OSA) on behalf of a putative class of ETF unitholders because there was no identifiable class.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

The Coldcard Exploit: Why Victims May Have Two Routes To Recovery

A five-year-old firmware defect in Coldcard hardware wallets has enabled attackers to systematically drain an estimated $116 million in Bitcoin from over 5,200 victims since July 2026. This unprecedented exploit raises critical questions about manufacturer liability and creates two distinct legal pathways for recovery: blockchain tracing against the perpetrators and potential litigation against Canadian manufacturer Coinkite for product defects that undermined the fundamental security promise of devices mar
CanadaLitigation, Mediation & Arbitration
WeirFoulds LLP
WeirFoulds LLP
Article

Plaintiffs Awarded A Total Of $800,000 In Damages For Defamation (Murdy v. Barrette)

A Canadian court awarded $800,000 in damages to a couple defamed by serious false allegations of sexual assault and criminal misconduct spread through social media. The case examines how factors like the severity of accusations, use of social media platforms, and a defendant's failure to mount a defense can dramatically escalate defamation damages beyond typical awards.
CanadaLitigation, Mediation & Arbitration
Gardiner Roberts LLP
Gardiner Roberts LLP
Article

Ontario’s New AI Rules: What Lawyers And Expert Witnesses Need To Know

Ontario's Rules of Civil Procedure now include strict amendments requiring lawyers and expert witnesses to certify the authenticity of every citation and authority used in court materials. These new anti-hallucination provisions impose significant penalties for presenting AI-generated fabricated authorities, fundamentally shifting accountability for artificial intelligence use in litigation.
CanadaLitigation, Mediation & Arbitration
Soloway Wright
Soloway Wright
Article

Not Beyond Reproach: Alberta Court Confirms Jurisdiction Over Alberta Energy Regulator

The Alberta Court of King's Bench has confirmed its jurisdiction to grant injunctive relief against the Alberta Energy Regulator despite a broadly worded statutory privative clause. This landmark decision, arising from Sumerian Oil & Gas's application to stay a suspension order affecting approximately 900 wells, represents one of the first considerations of the Supreme Court of Canada's recent Democracy Watch ruling and may significantly impact future disputes involving AER orders.
CanadaLitigation, Mediation & Arbitration
MLT Aikins LLP
MLT Aikins LLP
Article

From Duties To Import Bans: The Canada–U.S. Tariff War After The Collapse Of Negotiations

The United States has escalated its trade dispute with Canada by imposing import bans on alcoholic beverages, dairy products, and motorcycles under Section 338 of the Tariff Act of 1930, while Canada responds with matched counter-tariffs on $27.6 billion worth of U.S. goods. Following the collapse of bilateral negotiations in August 2026, both nations have entered an unprecedented phase of trade restrictions that extends beyond traditional tariffs to include procurement exclusions and threatens further auto
GlobalInternational Law
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada Investment Summit 2026: What Business Leaders Need To Know

Canada's inaugural Investment Summit in September 2026 aims to attract $1 trillion in investment across defence, infrastructure, Indigenous partnerships, technology, energy, critical minerals and agriculture. This analysis examines the federal measures shaping the Summit's agenda and outlines the key legal, regulatory and structuring considerations businesses and investors should evaluate when assessing nation-building opportunities in Canada.
CanadaGovernment, Public Sector
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

New Churchill Falls Agreement: Key Terms For Newfoundland And Labrador, Québec And Canadian Power Markets

Newfoundland and Labrador's House of Assembly has approved a landmark definitive cooperation and implementation agreement that would replace the 1969 Churchill Falls Power Contract, pair the redevelopment of Churchill Falls with the Gull Island project, and establish new transmission pathways through Québec. The agreement faces political uncertainty in Québec ahead of the October 2026 provincial election...
CanadaEnergy and Natural Resources
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

SCC Clarifies When Administrative Errors Are “irregularities” Requiring Annulment Of Election

The Supreme Court of Canada annulled a federal election in Terrebonne, Quebec after a single mail-in ballot went uncounted due to an Elections Canada administrative error—a postal code mistake that directly affected the one-vote margin of victory. In a 6-3 decision, the majority clarified that serious administrative errors can constitute "irregularities" under the Canada Elections Act even without fraud or intentional wrongdoing, fundamentally reshaping how courts balance electoral integrity against v
CanadaLitigation, Mediation & Arbitration
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

New AI Safety Standard Relevant To Canadian School Boards

A major U.S. vendor agreement has established a rigorous new AI safety standard for educational technology, prohibiting the use of student data for AI training and enforcing strict data minimization. While the standard does not directly bind vendors in Canada, Canadian school boards can leverage this precedent to demand equivalent contractual protections and strengthen their own AI governance frameworks.
CanadaTechnology
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Prediction Markets And IGaming Update: Forecasting More Developments Ahead

Canadian securities regulators have drawn a clear line excluding sports and entertainment prediction markets from securities regulation, leaving provincial gaming authorities to develop frameworks for these emerging platforms. Meanwhile, Quebec's political landscape suggests a potential opening of its iGaming market, and the Supreme Court prepares to rule on whether Ontario operators can legally connect players internationally through pooled liquidity arrangements.
CanadaCorporate/Commercial Law
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP