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JURISDICTION - International issues (with foreign state or territory) - Determination of - Real and substantial connection

Friday, October 06, 2017 @ 9:30 AM  

Motion by the defendant HSBC Holdings to dismiss or stay the plaintiff’s class action. Cross-motion by the plaintiff for a declaration the defendant was a responsible issuer under s. 138.8 of the Ontario Securities Act. The plaintiff class was comprised of purchasers on foreign exchanges who purchased the defendant’s shares. They claimed they suffered $7 billion (USD) in losses because they overpaid for their shares based on two misrepresentations by the defendant that it was compliant with anti-money laundering and anti-terrorist financing laws and it had...