Summary

Our Securities Litigation and Regulatory Group has extensive experience representing public and private companies, full service and discount investment dealers, mutual fund dealers, futures dealers, investment funds, underwriters, private funds, investment banks, introducing and clearing firms, investment advisors, portfolio managers, compliance professionals, research analysts, directors and officers, industry associations, regulators and other market participants.

The Group mixes local knowledge with national reach and is seasoned in dealing with multi-jurisdictional securities-related proceedings before courts and securities regulators across Canada. We have litigated a number of the most significant securities civil cases and regulatory proceedings in Canada, including our representation of:

  • institutional shareholders in Magna International Inc. v. Ontario Teachers’ Pension Plan Board regarding the elimination of the company’s dual class share structure;
  • a securities dealer in the regulatory  proceedings regarding Asset Backed Commercial Paper (“ABCP”);
  • a mutual fund company in the defence of a class action regarding market timing Fischer v. AIC;
  • the dealer in defence of the class action proceeding alleging a “one size fits all” investment strategy for investors, French v. Karas et al;
  • several mutual fund dealer defendants in the defence of the class action proceeding resulting from the collapse of Portus, Gary Hurst v. Worldsource Financial Management Inc.;
  • one of the defendant directors in the defence of the class action proceeding alleging conspiracy to artificially depress the company’s share price, Gould v. Western Coal
  • a senior executive of Research in Motion in an options back-dating regulatory investigation;
  • Helix BioPharma  in a proxy fight;
  • IAMGold Corporation in its oppression claim;

The Group has extensive experience in defending securities class actions, in derivative and oppression claims, in take-over bid and  proxy fights and in investment advisor actions.

With respect to regulatory proceedings, whether before securities commissions, SROs or the criminal courts, the Group’s experience includes:

  • cases involving allegations of breach of fiduciary duty, unsuitability, ‘defective products or sales practices’, discretionary or unauthorized trading, new product offerings, product due diligence including issues surrounding private equity and prospectus-exempt investments;
  • regulatory investigations and enforcement proceedings involving matters such as the Universal Market Integrity Rules, alternative trading systems and other trade desk issues including deceptive and manipulative trading;
  • cases involving allegations of material non-disclosure, improper research or investment banking and underwriting activities and other alleged securities dealer misconduct;
  • the defence of criminal and quasi-criminal charges, including charges related to allegations of illegal insider trading, unregistered and outside business activities by market participants such as Ponzi schemes, ‘pump and dump’, money laundering, and other fraudulent schemes;

The Group’s depth of experience and national reach makes us particularly suited to overseeing or conducting internal investigations on behalf of public companies and securities dealers.  We are regularly engaged by clients to oversee or conduct investigations relating to governance and compliance matters, whether initiated by clients or in response to enquiries from securities regulatory or criminal investigative agencies.

In addition to representing our clients in actions and regulatory proceedings, we provide ongoing advice to clients on all issues relating to securities regulations and compliance including the development and review of operational and supervisory policies and procedures.

Publications

Representative Work

  • Gould v. Western Coal – represented one of the defendant directors in successfully defeating certification in a securities class action.
  • IIROC v. Northern Securities – represented IIROC in regulatory hearing.
  • Represented Parrish & Heimbecker in successfully setting aside a shareholder’s rights plan before the Ontario Securities Commission (OSC).
  • Fischer v. AIC et al. – represented one of the fund companies in market timing class action.
  • Magna International Inc. v. Ontario Teachers' Pension Plan Board et al. – represented institutional shareholders.
  • ABCP – represented securities dealer in regulatory investigation.
  • French v. Karas et al. – represented the dealer in defence of a class action proceeding.
  • Research in Motion – represented senior executive in options back-dating regulatory investigation.
  • YBM Magnex International Inc. et al. – represented one of the respondents in OSC proceeding.

Rankings & Recognitions

Our Securities Litigation Group or its members are recognized in:

  • The 2018 edition of The Best Lawyers in Canada®.
  • The 2017 edition of Benchmark Canada — The Definitive Guide to Canada's Leading Litigation Firms & Attorneys.
  • The 2017 edition of Lexpert®/American Lawyer Guide to the Leading 500 Lawyers in Canada.
  • The 2017 edition of The Canadian Legal Lexpert® Directory.