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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Uphill struggle for plaintiffs

Thursday, February 18, 2016 @ 7:00 PM | By Nadia Campion

Section 138.8 of the Securities Act (Ontario) permits investors in the secondary market to bring class actions against public companies, their directors and officers for alleged misrepresentations in financial statements and other public disclosure.

They can do so without proving that they relied on the alleged misrepresentations in making their investment decision as long as they obtain leave from the court to commence the action.

Defendants facing a leave application brought by a plaintiff must decide whether to file affidavit evidence or simply challenge the evidence...