Michelle  Lally

Michelle Lally, Partner; Chair, Competition Law/Foreign Investment Group

Contact Information

  • tel: 416.862.5925
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Bar Admission

Ontario, 1992


  • Osgoode Hall Law School, LL.M.
  • University of Western Ontario, LL.B.
  • Queen’s University, B.A. (Hons.)






Michelle is the Chair of Osler's highly regarded Competition Law and Foreign Investment Group. She has over 20 years of extensive experience in all aspects of competition law and foreign investment review, including mergers & acquisitions, strategic alliances, price fixing & bid-rigging investigations and pricing and distribution matters.

She advises clients across a broad range of industry sectors, including financial services, telecommunications, pharmaceutical, broadcasting, entertainment, new media, energy, mining, food & consumer packaged goods, transportation and travel and at all levels of such industries- manufacturing, wholesaling and retailing.  Michelle has successfully obtained the clearances under the Competition Act and the Investment Canada Act of numerous complex domestic, cross-border and international transactions.  She regularly represents parties facing civil investigations by the Competition Bureau or civil cases before the Competition Tribunal relating to the application of the abuse of dominance, price maintenance, refusal to supply, tied selling and exclusive dealing provisions of the Competition Act.

As part of providing strategic competition law counselling and compliance advice, Michelle often designs and conducts internal antitrust audits/investigations for clients.  She also assists immunity applicants and targets of domestic and multinational conspiracy & bid-rigging investigations in their dealings with the Criminal Branch of the Competition Bureau and the Department of Public Prosecutions.

Notable Matters

  • TELUS Corporation in its acquisition of Public Mobile for approximately $250 million.
  • TELUS Corporation in its proposed acquisition of Mobilicity.
  • TELUS Corporation in connection with the Competition Bureau inquiry and subsequent action brought by the Commissioner of Competition in the Ontario Superior Court against TELUS, Bell, Rogers and CWTA under the misleading representation provisions of the Competition Act.
  • The Toronto-Dominion Bank in its arrangements with Canadian Imperial Bank of Commerce and Aimia Canada Inc. in respect of TD’s acquisition of approximately 51% of CIBC’s co-branded Aeroplan credit card accounts (based on outstanding balances) and related assets and agreements in connection with CIBC continuing as an issuer of co-branded Aeroplan credit cards.
  • Mitel Networks Corporation in its proposed acquisition of Aastra Technologies Ltd. for approximately $400 million.
  • Imperial Tobacco in connection with leave application by Safa Enterprises Inc. to the Competition Tribunal under section 76 (price maintenance of the Competition Act).
  • Canadian Bankers Association in an application by Commissioner of Competition for an order under section 76 ofthe Competition Act (price maintenance) against Visa Canada Corporation and Master Card International Incorporated.
  • Royal Bank of Canada in itsacquisition of the remaining 50% interest in RBC Dexia Investor Services Limited.
  • Target Corporation in its $1.825 billion acquisition of leasehold interests from Zellers Inc. and establishment of operations in Canada.
  • Comcast Corporation in connection with its acquisition from General Electric in NBC/ Universal.
  • Amex Bank of Canada in a class action alleging price maintenance in relation to credit card products.
  • Bank of Montreal in a class action against BMO Financial Group, Visa Canada Corporation, MasterCard International Incorporated and various other banks alleging a price-fixing conspiracy in relation to Visa’s and MasterCard’s credit card rules.
  • Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Credit Union Central of Canada, Federation des Caisses Desjardins du Quebec and National Bank of Canada in connection with the development of a mobile commerce operating framework.
  • London Stock Exchange Group PLC on its proposed merger of equals with TMX Group Inc.
  • Equinox Minerals Ltd. in connection with its acquisition by Barrick Gold Corporation.
  • Sterling Partners and its co-investors on its acquisition of MOSAID Technologies Incorporated and its acquisition of Livingston International Income Fund.
  • JPMorgan Chase Bank in its acquisition of credit card assets of The Home Depot credit card program of Citi Cards Canada Inc.
  • Kraft Foods Inc. / Cadbury Adams Canada Inc. in connection with the regulatory investigation into allegations of price-fixing in the chocolate industry and in numerous class actions across Canada.


  • Canadian Bar Association, a Former Chair of the National Competition Law Section
  • American Bar Association, Section of Antitrust Law

Industry Recognition

  • Chambers Global: The World’s Leading Business Lawyers: Competition/Antitrust
  • The Canadian Legal Lexpert Directory: Competition
  • The Lexpert Guide to the Leading US/Canada Cross-border Litigation Lawyers in Canada: Competition
  • Who’s Who Legal: Canada
  • The Best Lawyers in Canada: Competition/Antitrust Law
  • The International Who's Who of Competition Lawyers & Economists: Competition
  • Guide to the World’s Leading Women in Business Law: Competition and Antitrust
  • Expert Guides: The Legal Media Group Guides to the World’s Leading Lawyers: Competition and Antitrust
  • Expert Guides: Leading Practitioners in China: Competition and Antitrust – International