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NERA Releases Updated Canadian Securities Class Action Report

The number of outstanding securities class action lawsuits in Canada reached an all-time high during 2010 according to a January 31, 2011 report by NERA Economic Consulting entitled "Trends in Canadian Securities Class Actions: 2010 Update." The report can be found here . The report includes...

Canadian Securities Class Action Lawsuit Filings Hit Record in 2011

Securities class action lawsuit filings in Canada hit record levels in 2011 according to a new report from NERA Economic Consulting. The January 31, 2012 report, entitled "Trends in Canadian Securities Class Actions: 2011 Update" ( here ) concludes that the persistent growth in Canadian...

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...

Canadian Courts Struggle with Jurisdictional Issues in Securities Suits

The question of when domestic securities laws provide remedies for investors who purchased their shares in foreign companies on foreign exchanges vexed U.S. courts for years until the U.S. Supreme Court sorted out the issues in Morrison v. National Australia Bank [ an enhanced version of this opinion...

Ontario Securities Suit Claimants Denied Leave to Proceed

Shareholder claimants seeking to pursue a misrepresentation claim under the Ontario Securities Act must obtain leave of court to proceed based on a statutory requirement that the plaintiff must show a “reasonable possibility that the action will be resolved at trial in favor of the plaintiff.”...

NERA: Canadian Securities Class Action Filings Steady in 2013

There were ten securities class action lawsuits filed in Canada in 2013, the same number as were filed in 2012 and only slightly below the annual average number of 11. 6 filings during the period 2006-2012, according to a February 19, 2014 report from NERA Economic Consulting entitled “Trends in...

Trends in Canadian Securities Actions

A report by Cornerstone Research found that the number of securities class actions filed in the U.S. last year ticked up slightly. Yet that number remains below historical averages. In contrast, the number of securities cases filed in Canada last year equaled the prior year and exceeded the average over...

Trends In Canadian Securities Class Action

Filings for new Canadian securities class actions have been essentially flat over the last three years, according to a recent report by NERA Economic consulting ( here ). That trend is consistent with the one for the filing of U.S. class actions ( here ). Last year there were 11 securities class actions...

Canadian Securities Regulator Tries Public Shaming to Increase Fine Collections

A Canadian securities regulator frustrated with unpaid fines for financial crimes has tried a new tactic: publishing the names of individuals and entities that have been fined for financial-related crimes but have failed to pay. The Alberta Securities Commission has published a list of individuals or...