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Tide turns on securities class actions

Thursday, July 14, 2016 @ 8:00 PM | By Wendy Berman and Lara Jackson

Recent developments in securities class actions in Canada suggest a positive sea change for public companies, officers and directors included, in defending against costly claims for secondary market misrepresentation. The combination of a confirmed rigorous screening test at the preliminary leave stage and the deployment of proactive defence strategies have recently proved fatal to proposed securities class actions.

Until recently, there was some uncertainty regarding the efficacy of the gate-keeping function provided by the statutory screening mechanism, which requires a plaintiff seeking to commence a statutory...