Readers undoubtedly are familiar with ISS Securities Class Action Services’ annual report on the Top 100 Securities Class Action Settlements, focusing on the largest U.S. securities lawsuit settlements. The most recent Top 100 report is discussed here. ISS Securities Class Action Services has now published a list of the largest Canadian securities class action lawsuit settlements. The Canadian report, which is entitled “The Top 25 Canadian Class Action Settlements of All-Time,” reflects a number of interesting findings, and can be found here.
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Guest Post: Directors and Officers Must Defend Secondary Market Misrepresentation Claim
As I have noted in prior posts, securities class action litigation represents a significant part of the corporate liability landscape in Canada. In the following guest post, James R. Lane, a founding partner of the Toronto law firm of Bersenas Jacobsen Chouest Thomson Blackburn LLP, takes a look at a recent important decision by the Ontario Court of Appeal addressing director and officer liability issues under the Ontario Securities Act. A version of this article previously was published as an alert to the law firm’s clients. I would like to thank Jim for his willingness to allow me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is Jim’s guest post.
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Canadian Securities Class Action Litigation: On the Rebound?
As I have previously detailed (here), 2016 was a record year for securities class action litigation in the U.S. The number of class action lawsuits filed in Canada more than doubled in 2016 compared to the year before, but the filing pace during the year was still below the pace during the period from 2010 to 2014, according to a new report from NERA Economic Consulting. The February 22, 2017 report, entitled “Trends in Canadian Securities Class Actions: 2016 Update,” which sets out a comprehensive overview of Canadian securities class action filing and case resolution trends, can be found here. NERA’s February 22, 2017 press release about the report can be found here.
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Two Cities in Canada
The D&O Diary was on assignment in Canada last week for meetings and to attend a PLUS Canadian Chapter event in Montréal. It was a short sunlit visit to our Northern neighbor, but it was just long enough for a bit of foreign adventure without even leaving the Eastern Time zone.
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NERA: Canadian Securities Class Action Filings in 2015 at Lowest Level in Years
In the United States, securities class action lawsuit filings were at their highest level in years in 2015. The situation in Canada during 2015 was completely the opposite. According to a February 11, 2016 report from NERA Economic Consulting, securities class action lawsuit filings in Canada during 2015 were at their lowest levels since 2003. According to the report, which is entitled “Trends in Canadian Securities Class Actions: 2015,” and subtitled “Are We in Bear Territory?” (here), there were only four securities class action lawsuits filed in Canada in 2015, well below the levels seen in recent years and well below historical averages. Indeed, according to the report, case resolutions far outpaced new filings in 2015. NERA’s February 11, 2016 press release about the report can be found here.
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Class Actions in Canada: A Critical Commentary
A number of countries have procedural mechanisms allowing groups of aggrieved parties to pursue their legal claims in the form of a collective action. While no other country has a class action mechanism quite like that of the United States, another country that also has well-developed class action mechanisms is Canada. However, unlike the United
NERA Releases Canadian Securities Class Action Litigation Report
The number of securities class action lawsuit filed in Canada during 2014 was consistent with the recent annual average number of filings, and because case filings exceeded case resolutions, the aggregate total of unresolved class actions continued to grow during the year, according to a February 10, 2015 report from NERA Economic Consulting. According to
Thinking About the Limits of Corporate Officials’ Defense Cost Advancement Rights
In addition to indemnification, corporate directors and officers also may have the right under applicable law and corporate by-laws to have their costs of defense advanced before the ultimate right to indemnification has been determined. A question that often arises is whether a corporation may withhold advancement. A recent decision from the Ontario Superior Court