Important information for defending securities class actions in Canada
December 31, 2015 marked the tenth anniversary of Part XXIII.1 of the Ontario Securities Act coming into force, which opened the door for investors to successfully pursue securities class actions in Canada. Despite their relative infancy, class actions brought pursuant to Part XXIII.1 are here to stay and pose a significant risk to issuers and other market participants.
While important securities class action issues are yet to be determined, the past decade saw a number of trends and legal developments that have shaped the current securities class action landscape.
Our white paper, Defending Securities Class Actions in Canada, offers an extensive review of the state of the law based on the past 10 years of practice and explains what it means for issuers, directors, officers and other market participants — both in Canada and the United States – who are at risk of being named in securities class action lawsuits.
A practical guide for both Canadian and U.S. counsel, this resource covers key topics essential for preventing and mitigating the impact of a securities class action, including developing effective strategies to narrow and potentially dispose of a lawsuit at an early stage. Topics include:
- jurisdictional issues and cross-border claims
- the statutory requirement that the plaintiff obtain leave of the court before commencing a claim under Part XXIII.1
- the current treatment of common law claims for negligent misrepresentation
