Category: Litigation & Dispute Resolution

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Securities Law: Year in Review

September 18, 2014

2014 has seen a number of significant developments in Canadian securities law. As the summer comes to an end, Blakes invites you to join us as we discuss the following topics: Year-to-date market update Whether or not proxy advisory firms will be regulated Update of experience relating to the notice-and-access proxy system Recent developments in securities litigation Mandatory majority voting…

Contractors Cannot Lien for Damages: Alberta Master Rules on Proper Subject Matter of Builders’ Lien

September 8, 2014

An Alberta master’s decision examined the burden of proof in an application to reduce the amount of security posted to discharge a builders’ lien, and whether damages – such as losses that may not sufficiently relate to improvements to the land – may also be included in claim for a builders’ lien. In Krupp Canada Inc v. JV Driver Projects…

OSC Adopts Restrained Interpretation of ‘Public Interest’ Jurisdiction in Baffinland Case

September 4, 2014

On August 26, 2014, a panel of the Ontario Securities Commission released its decision in a high-profile enforcement proceeding brought by OSC Staff against Jowdat Waheed and Bruce Walter. Staff had made a series of allegations against Waheed and Walter, including allegations of insider trading and conduct contrary to the “public interest,” arising out of a hostile take-over bid the…

Alberta Appeal Court Adopts New Approach to Corporate Litigants’ Document Production Obligations

August 29, 2014

On August 5, 2014, the Alberta Court of Appeal released a decision that may expand corporate litigants’ document production obligations. In Dow Chemical Canada ULC v. Nova Chemicals Corp. (Dow Chemical), the Court of Appeal held that records that were in the possession of the plaintiffs’ parent corporation should be considered to be within the plaintiffs’ control, and thus subject…

Permanent Court of Arbitration Grants Largest Arbitral Award in History

August 25, 2014

On July 28, 2014, a tribunal sitting at the Permanent Court of Arbitration in The Hague awarded the largest arbitral award in history. In this landmark decision, the tribunal, which was chaired by Yves Fortier, Canada’s former representative on the UN Security Council, ordered the Russian Federation to pay over US$50 billion in damages to three former shareholders of Yukos…

Inappropriate Forum Results in Stay of Ontario Securities Class Action

August 18, 2014

In a recent decision that will be of interest to public issuers, the Ontario Court of Appeal in Kaynes v. BP has stayed a potential securities class action against BP, PLC (BP). As a result of the decision, it is likely that Ontario courts will take a more restrained approach to determining whether actions involving foreign issuers whose securities do…

Supreme Court of Canada to Hear Securities Class Action Limitation Period Cases

August 8, 2014

The Supreme Court of Canada has granted leave to appeal in three securities class action cases in which the defendants seek to enforce the three-year limitation period for commencing statutory secondary market securities class action claims in Ontario. All three appeals are from a February 2014 decision in which the Court of Appeal for Ontario overturned its own earlier decision…

Issuers Cautiously Adopt Notice-and-Access This Proxy Season

August 7, 2014

The numbers are in and we’ve counted them. The notice-and-access system – under which public issuers may post proxy information circulars online rather than distribute them by mail – was adopted by a total of 319 companies this proxy season. This number, a small fraction of the approximately 3,500 companies currently listed on the Toronto Stock Exchange (TSX) and TSX…

Un-Appealing: Supreme Court of Canada Limits Appeals from Arbitrators

August 6, 2014

  In Sattva Capital Corp. v. Creston Moly Corp., the Supreme Court of Canada has reinforced the finality of domestic arbitration awards by limiting the types of issues that can be considered questions of law.    BACKGROUND   The case involved a dispute about a finder’s fee payable in connection with the acquisition of a mining property in Mexico. Creston,…

U.S. Supreme Court Delivers Mixed Result in Halliburton Securities Class Action

June 23, 2014

Today the Supreme Court of the United States released its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc., in which it revisited the “fraud-on-the-market” theory. This theory underlies a rebuttable presumption that investors rely on a defendant’s misrepresentation in deciding to buy or sell a company’s securities, and has been a major contributor to the boom in U.S….

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