The D&O Diary

The D&O Diary

A PERIODIC JOURNAL CONTAINING ITEMS OF INTEREST FROM THE WORLD OF DIRECTORS & OFFICERS LIABILITY, WITH OCCASIONAL COMMENTARY

Tag Archives: Ontario Securities Act

Canadian Court Declines to Follow Morrison, Rejects BP’s Bid to Stay Claims of Investors Who Purchased Shares on Non-Canadian Exchanges

Posted in Securities Litigation
In its landmark decision Morrison v National Australia Bank, the U.S. Supreme Court said that the U.S. securities laws do not apply to share transactions that do not take place on U.S. securities exchanges. But do these principles operate the same way in other jurisdiction — would courts in other jurisdictions decline to apply the … Continue Reading

Leave to Proceed, Class Certification Given in Another Ontario Securities Suit

Posted in International D & O
For the second time, a court has given investors leave to proceed and also certified a plaintiff class in a secondary market misrepresentations claim under the revised Ontario Securities Act. In an order dated March 1, 2011, Ontario Superior Court Justice Wolfram Tausendfreund granted leave to investors to proceed against Arctic Glacier Income Fund, its … Continue Reading

Imax Defendants Denied Leave to Appeal Rulings Allowing Ontario Securities Case to Proceed as Global Class Action

Posted in International D & O
In a February 14, 2011 order (here), an Ontario Superior Court Justice has denied the motion of the defendants in the IMAX securities lawsuit pending in Ontario for leave to appeal the December 2009 rulings of Ontario Superior Court Justice Katherine van Rensberg granting the plaintiffs leave to pursue securities claims in a class proceeding. … Continue Reading

In Landmark Rulings, Ontario Court Allows IMAX Securities Suit to Proceed, Certifies Class

Posted in Securities Litigation
In a landmark development for private securities litigation in Canada, a Justice of the Ontario Superior Court has ruled that a proposed securities suit against IMAX under Ontario’s new statutory provisions allowing private securities litigation may proceed. The court separately certified a global class of IMAX investors on whose behalf the case will now proceed.   According to a December 14, … Continue Reading