In May, the U.S. Financial Industry Regulatory Authority (“FINRA”) Board of Governors approved a set of proposals as part of FINRA’s…
Cy-près funds are not for individual class members’ benefit, finds Ontario Court
In cases where it is not possible or practical to give all of the money from a class action settlement directly to class members, or where funds are l…
Biancaniello v. DMCT LLP: Interpretation of negotiated contract reviewed on a correctness standard because appeal raised question of public importance
In Biancaniello v. DMCT LLP, the Court of Appeal for Ontario applied the correctness standard of review on an appeal involving the interpreta…
Regulators focusing attention on token sales using digital currencies
An investigation report released last week by the Securities and Exchange Commission strongly signals that the SEC views Initial Coin Offerings (ICOs)…
OSC releases long-awaited decision in Sino-Forest case
Six years after short seller Muddy Waters issued a report damning Sino-Forest Corporation as a fraud and a Ponzi scheme, the Ontario Securities Commis…
Ontario Court refuses to convert individual action into class proceeding
In its recent decision in Lou v London Life Insurance Company, 2017 ONSC 4188, the Ontario Superior Court of Justice dismissed a motion to co…
Ontario Court of Appeal breathes some life into anti-corruption pursuits
On July 6, 2017, the Ontario Court of Appeal upheld Canada’s first conviction under the Corruption of Foreign Public Officials Act (the “C…
Division continues amongst Canadian securities regulators regarding best interest standard
Amid division across the Canadian securities regulators, the Ontario Securities Commission appears determined to move forward with a best interest sta…
Can counterclaims be certified as class actions?
Counterclaims are not often certified as class proceedings. But can they be? In Thorne v. College of the North Atlantic, a panel of three jud…
Canada’s federal banking regulator releases advisory on the use of the Bank Words: Implications for FinTechs, credit unions and other financial services providers
On June 30, 2017, the Canadian banking regulator, the Office of the Superintendent of Financial Institutions, issued an advisory that sets out how OSF…
