In a recent decision of the Supreme Court of the State of Nevada (Court), the Court upheld an order made by the Nevada District Court recognizing and enforcing a judgment of the British Columbia Supreme Court arising out of enforcement
Securities litigation and enforcement
The Securities Litigation and Enforcement blog published by Norton Rose Fulbright covers developments in securities regulation, enforcement actions, and litigation trends affecting capital markets and financial institutions. It addresses regulatory changes by bodies such as the SEC and DOJ, shareholder proposal processes, class action litigation related to securities, and cross-border enforcement issues. The blog also discusses compliance strategies, white-collar crime enforcement priorities, and the impact of evolving legal frameworks on securities brokerage and financial crimes. It serves as a resource for legal professionals and market participants seeking updates on securities law enforcement, regulatory policy shifts, and litigation risks.
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BC Court of Appeal Clarifies the Good Faith and Best Interests Requirements of the Test for Leave to Commence Derivative Actions
In a recent split decision, a panel of the B.C. Court of Appeal (BCCA) considered the good faith and best interests requirements of the test for leave to commence a derivative action: 2538520 Ontario Ltd. v. Eastern Platinum Limited, 2020…
IIROC Panel Rejects Majority of Respondent’s Affidavits at Sanctions Hearing
At a sanctions hearing in Re Eley, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (“IIROC”) (the “Panel”) disallowed evidence submitted by the respondent, Douglas Eley, that was found to amount to “a thinly disguised attempt to…
Stay of Proceedings, a Drastic Remedy Granted for Violation of Constitutional Rights
A few weeks ago, in R. c. Goldberg, 2020 QCCQ 4548, the Court of Québec (Criminal and Penal Division) granted the most drastic remedy by ordering a stay of the charges brought against Bouclair Inc. (Bouclair), Peter Goldberg and Erwin Fligel,…
Do’s and Don’ts When Applying for a Search Warrant
In the context of a lawsuit by the Agence du revenu du Québec (ARQ) for failure to report and remit various tax amounts, the defendants sought to exclude the evidence seized by the ARQ under a search warrant authorized by…
The Context of Materiality in Secondary Market Misrepresentation Claims: Miller v. FSD Pharma Inc. Securities Class Action
By Ted Brook
In Miller v. FSD Pharma Inc. (Miller), a decision released June 23, 2020, Morgan J. of the Ontario Superior Court of Justice granted leave to proceed with a putative secondary market securities class action under s. 138.3 of Part…
Quadrexx Hedge Capital Management Ltd. v. Ontario Securities Commission: First Application Of The Vavilov Standard of Review to an OSC Decision
In a previous post, we discussed the new standard of appellate review of tribunal decisions described in Canada (Minister of Citizenship and Immigration) v. Vavilov, 2019 SCC 65 (Vavilov) and its implications for the Ontario Securities Commission (the OSC).…
Investor Protection Law Clinics Benefit from Cy-près Distribution of Settlement Funds: Makris v Endo International PLC
By Admin
Makris v Endo International PLC
On October 1, 2020 the Ontario Superior Court approved a securities class action settlement agreement in the amount of $700,000 and a plan of allocation providing for the distribution of the settlement amount, net of…
BC Supreme Court examines validity of release and injunction clauses affecting third party rights in plans of arrangement
Summary
In iAnthus Capital Holdings, Inc.(Re)[1], Gomery J. of the Supreme Court of British Columbia, approved an amended plan of arrangement (the Amended Plan) after he invited the petitioners to narrow the release and injunction clauses of the first plan…
First Global Data Ltd (Re): OSC requires merits hearing to proceed via videoconference despite respondents’ objections
COVID-19 continues to pose unique challenges to Canada’s legal system, including questions about how the Ontario Securities Commission (OSC) will conduct its proceedings. In a recent decision, a Hearing Panel of the OSC ordered a merits hearing to proceed by…