Fabrice Benoît

Fabrice Benoît is a securities and commercial litigator in the disputes department of the Montreal office. He is the Québec lead for Osler’s National Risk Management and Crisis Response Group. Prior to joining Osler, Fabrice was Investigation Director— Insider Trading & Market Manipulation at the Autorité des marchés financiers (the “AMF”, Québec’s securities regulator). 

Fabrice’s expertise in criminal law and deep experience with regards to white collar crime and government investigation practice places him in a unique position.

Fabrice acts predominantly for public issuers and market participants in connection with regulatory investigations and enforcement proceedings. An experienced litigator, he is regularly involved in trials and appeals before the courts. 

Fabrice also practices in the area of banking litigation and bankruptcy and insolvency. He has experience representing lenders, debtors, trustees, receivers and, financial institutions in the context of consensual and court-supervised restructurings.

Fabrice is recognized by the industry in Chambers Canada, The Best Lawyers, The Canadian Legal Lexpert and Thomson Reuters in the area of Litigation – Securities and Corporate/Commercial Litigation. He is also a Fellow of the Litigation Counsel of America. Fabrice has spoken at a variety of conferences and writes regularly on securities litigation issues and developments. Fabrice has taught at the Québec Bar School for 15 years. He is also President of the Liaison Committee with the Financial Markets Tribunal.

Representative Work


  • PyroGenesis Canada Inc. in connection with an investigation of the Autorité des marchés financiers
  • Prospector Capital Corp. in its business combination with LeddarTech pursuant to a plan of arrangement
  • Dialogue Health Technologies Inc. in its acquisition by Sun Life Financial pursuant to a plan of arrangement
  • Bloomberg Trading Facility Limited, in its dealings with the Autorité des marchés financiers (Québec’s Securities Regulator)
  • Element AI in its acquisition by ServiceNow pursuant to a plan of arrangement.
  • The Stars Group Inc. (formerly Amaya Inc.) and certain of its directors in connection with a securities class action
  • The Stars Group Inc. (formerly  Amaya Inc.) in connection with an investigation of the Autorité des Marchés Financiers into allegation relating to trading of Amaya shares prior to the announcement of the US$4.9 billion acquisition of Oldford Group Ltd.; including PokerStars and Full Tilt Poker
  • Alithya Group Inc. in its going public transaction by way of a business combination with Edgewater Technology, Inc. and completion of a $52.8 million concurrent private placement
  • National Bank Financial, in an OSC/AMF regulatory investigation and proceedings regarding Exchange Traded Funds (ETF) transactions
  • Goldman, Sachs & Co. before the TMX Disciplinary Committee
  • Atrium Innovations Inc. in connection with its proposed acquisition by Permira funds, the Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec in a transaction having a value of $1.1 billion pursuant to a plan of arrangement under the Canada Business Corporations Act
  • Vector Capital Corporation in connection with the acquisition of 20-20 Technologies Inc. pursuant to a plan of arrangement under the Business Corporations Act (Quebec)
  • The Toronto Stock Exchange in connection with AbitibiBowater Inc. ‘s hostile takeover bid for the acquisition of Fibrek Inc.
  • CANMARC Real Estate Investment Trust in connection with COMINAR Real Estate Investment Trust’s hostile takeover bid
  • Manager in charge for the Autorité des marchés financiers in connection with the joint investigation conducted with the Ontario Securities Commission and IIROC on the Asset Back Commercial Paper (ABCP)
  • Certain bondholders, in the corporate takeover involving the $51.7 billion privatization of BCE



  • Veolia Health Operating Services in the design-build defect claims against the constructors of the new Centre Hospitalier de l’Université de Montréal
  • Laurentian Bank of Canada in proceedings for the appointment of a receiver regarding the assets of Média5 & al.
  • Wykanta Canada Ltd. in its claim for lost profits following a refusal to complete an acquisition.
  • Fortin et al. – acted for six defendants in successfully opposing certification of a proposed class action based on allegations that defendants orchestrated a fraudulent scheme in order to obtain sums from the proposed class
  • Colacem Canada Inc. in connection with an environmental class action relating to neighbourhood disturbances
  • Certain defendants in the context of actions brought in virtue of the Act to ensure mainly the recovery of amounts improperly paid as a result of fraud or fraudulent tactics in connection with public contracts
  • National Tire Distributors in its road security rating re-evaluation before the Commission des transports du Québec
  • Intesa Bank Canada in relation with a pursuit by Les Soeurs du Bon Pasteur de Québec for an approximate amount of $60 million
  • Bank of Montréal & Toronto Dominion Bank against an accounting firm in relation with their professional liability for an amount of $28 million
  • Héritage Terrebonne, a real estate developer, in connection with a lawsuit against, among others, the Ministère des transports du Québec

Latest Insights

  • Blog Apr 16, 2024

    SEC wins novel ‘shadow trading’ trial against biopharma executive

    A novel theory of insider trading known as “shadow trading” involves the use of material non-public information about a re...

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    SEC wins novel ‘shadow trading’ trial against biopharma executive
  • Osler Update Jan 16, 2024

    Section 192 CBCA plans of arrangement – latest insights on virtual securityholder meetings and the solvency requirement

    Plans of arrangement are an important, flexible tool for businesses to undertake various corporate transactions. We examine recent developments around...

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    Section 192 CBCA plans of arrangement – latest insights on virtual securityholder meetings and the solvency requirement
  • Blog Nov 22, 2023

    Widening the lanes? Supreme Court of Canada weighs in on the territorial reach of Québec’s securities regulatory tribunal

    On November 17, the Supreme Court of Canada directly addressed for the first time the question of whether provincial administrative tribunals have the...

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    Widening the lanes? Supreme Court of Canada weighs in on the territorial reach of Québec’s securities regulatory tribunal
  • Osler Update Jan 11, 2023

    2022 developments in capital markets enforcement

    There were several notable developments in Canadian securities law over the course of 2022.

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View all Insights

Awards and Recognition

  • Fellow of the Litigation Counsel of America
  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Litigation: Securities (Quebec)
  • The Canadian Legal Lexpert Directory: Recognized in Litigation – Securities and Litigation – Corporate Commercial
  • Best Lawyers in Canada: Recognized in Corporate and Commercial Litigation, Insolvency and Financial Restructuring Law, and Director and Officer Liability Practice

Media Mentions

  • Osler News Nov 23, 2023

    23 Osler lawyers recognized in Lexpert Special Edition: Litigation 2023

    23 Osler lawyers featured in the Lexpert Special Edition: Litigation 2023.

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  • Media Mentions Apr 24, 2023

    Ruling ‘reaffirms the broad investigative discretion’ of Quebec financial watchdog: lawyer

    Fabrice Benoît, tells Law 360 Canada, that a recent ruling against Apple Canada sets a precedent in #Québec on “the AMF’s exclusive jurisdiction” for ...

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  • Media Mentions Oct 21, 2021

    Québec court confirms tribunal jurisdiction on transnational ‘pump and dump’ case linked to province – Canadian Lawyer

    The Québec Court of Appeal clarifies that the province's Financial Markets Administrative Tribunal has jurisdiction in a case of an alleged transnatio...

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Community Involvement

  • President and Member of the board of the Patriotes Football Club Vimont (2011-2015).
  • Secretary and Director of The International Bureau for Children’s Rights (2003 to 2010).

Speaking and Writing

Speaking Engagements

speaker 18/11/2022
“Les développements récents en enquêtes internes et réglementaires 2022”
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speaker 27/3/2019
Canadian Shopping Centre Law Conference
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Published Work

  • Securities Class Actions: Reliance and Fraud on the market theory (in French): Recent Developments in Securities Litigation, volume 538, Barreau du Québec, 2023
  • The delays in the context of AMF’s investigations and proceedings (in French): Recent developments in internal and regulatory investigations, volume 522, Barreau du Québec, 2022.
  • Ending negotiations and the obligation of good faith in the province of Québec, Montréal, September 21, 2022 (co-authored with Daniel Stysis).
  • Secret confided, secret divulged? Beware of issues surrounding professional secrecy and related privileges during a multi-jurisdictional investigation: Recent developments in internal and regulatory investigations, volume 502, Barreau du Québec, 2021.
  • So you think you know Construction Lien Legislation? Meet Alberta, Québec and BC!, ICSC 2019 Plenary Session, Toronto, March 27, 2019 (co-authored with Matthew M. Huys and Yasmine Sentissi).
  • Les répercussions de l’arrêt Jordan dans le domaine des valeurs mobilières : Développements récents en litige de valeurs mobilières, Volume 438, Barreau du Québec, 2017. Symposium on recent developments in securities litigation, December 1st, 2017.
  • Shareholder Activist Disputes : Review of recent cases, 22nd Seminar for Lawyers Specializing in Securities, October 2013, Mont-Tremblant.
  • Offres publiques d’achat non sollicitées – Mécanismes de défense et tendances, Osler Seminar, March 28, 2013, Montréal.
  • Projet de loi n° 7 : Loi modifiant diverses dispositions législatives concernant principalement le secteur financier, Osler Seminar, January 25, 2012, Montreal.
  • Market Abuse (Illegal Insider Trading & Market Manipulation-Cases Study), CSA Compliance Conference, September 2011, Toronto
  • Insider Trading Case Study, OICV-IOSCO Mobile Seminar Training Program, May 2010, Istanbul
  • Récents développements en matière de délits d’initiés, Mini Colloque sur les litiges en valeurs mobilières de l’Association du Barreau Canadien-Section Affaires, Montréal, February 12, 2010
  • Enforcement Hot Topics, NASAA Canadian Zone Compliance Conference, October 2, 2009, Montréal.



  • University of Montréal, LL.B.
  • University of Ottawa, B.A. (Criminology)


  • French
  • English

Professional Affiliations

  • Barreau du Québec
  • Fondation du Barreau du Québec, Governor  
  • Canadian Bar Association
  • The Advocates’ Society
  • President of the Liaison Committee with the Financial Markets Tribunal