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Ontario doesn’t have standing in proposed class action against Volkswagen, court rules

Wednesday, August 22, 2018 @ 1:12 PM | By Amanda Jerome

The Ontario Superior Court of Justice dismissed a proposed class action against Volkswagen Aktiengesellschaft (VWAG) in a decision that highlighted the principle of international comity as an important part of securities litigation involving a foreign stock exchange.

In George Leon Family Trust (Trustee of) v. Volkswagen Aktiengesellschaft 2018 ONSC 4265, the court heard that the plaintiff, George Leon, in his role as trustee for his family’s trust, bought VWAG American Deposit Receipts (ADRs) through a Toronto broker. In 2015, VWAG, a car manufacturer based in Germany,...