Blog

Court Affirms OSC Panel's Fraud Decision

15 January 2018

By Uri Snir

The Ontario Divisional Court recently upheld two related decisions from the Ontario Securities Commission (“OSC”).

In 2013, an OSC panel found that the Appellants, North American Financial Group Inc. (“NAFG”), North American Capital Inc. (“NAC”), and Alexander and Luigino Arconti, had committed securities fraud, among other contraventions of the Securities Act (the “Merits Decision”).

In a separate 2014 hearing, the panel imposed a lifetime ban against the Appellants, and ordered over $3 million in disgorgement, and an additional $2 million in penalties and costs (the “Sanctions Decision”).

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Protecting What Strict Laws Cannot: Supreme Court Uses Equitable Doctrine to Enforce a Promise Made Before the Promisor Obtained an Interest in the Property

19 December 2017

By Morgan Westgate

In what appears to be the last judgment written by Chief Justice McLachlin before her retirement this past weekend, the Supreme Court of Canada considered the scope of the doctrine of proprietary estoppel. The Cowper-Smith v. Morgan decision considers proprietary estoppel in the context of an acrimonious estate dispute, and may have significant implications in respect of equitable proprietary claims.

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New OSC Research Finds Millennials Are Not Big Investors

11 December 2017

By Uri Snir

The Ontario Securities Commission (“OSC”) recently released a research study on the investment habits of millennials, entitled “Missing Out: Millennials and the Markets” (the “Study”). The Study was conducted online between May 5th and 12th, 2017 among a representative sample of 1,585 Ontarians, 18 to 36 years old. It finds that 80% of millennials are saving, but less than 50% are investing.

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British Columbia Court of Appeal Leaves the Door Open for Deceptive Practices Claims Without Reliance on the Alleged Misrepresentation

4 December 2017

By Khrystina McMillan

In last week’s post, we highlighted the trend in favour of certification of undisclosed fees class actions which was recently continued by the British Columbia Court of Appeal’s decision in Finkel v. Coast Capital Savings Credit Union . This week, we summarize the Court’s potentially novel interpretation of the types of claims permitted under British Columbia’s consumer protection legislation.

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The British Columbia Court of Appeal Upholds Certification of Another Class Action for Undisclosed Fees

28 November 2017

By Shakaira John

Undisclosed fees charged by financial institutions and other perceived “deep pocket” organizations have attracted class actions across Canada and the U.S. throughout the past few years. Continuing this trend, the British Columbia Court of Appeal recently released a decision in Finkel v. Coast Capital Savings Credit Union upholding the certification of another class action for undisclosed fees.

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OSC to Focus on Raising Awareness of Whistleblower Protections Amidst Doubt over the Efficacy of these Protections

20 November 2017

By Khrystina McMillan

and Shakaira John

According to this year’s Annual Report by the Ontario Securities Commission (“OSC”), the new whistleblower program has enjoyed some success since its inception last year. In order to maintain this momentum, the OSC has prioritized raising awareness of the program and whistleblower protections in particular in the coming year. However, not everyone thinks the whistleblower protections are as good as they sound. 

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The OSC Adopts New Rules of Procedure and Practice Guideline

13 November 2017

By Uri Snir

On October 31, 2017, the Ontario Securities Commission (the “OSC”) adopted the Ontario Securities Commission Rules of Procedure and Forms (the “Rules”) and the Practice Guideline (the “Guideline”).

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The Saga Continues: Ontario Court of Appeal Sets Aside Security for Costs Order Against Ecuadorian Villagers in Chevron Case on the Basis of Unjustness

6 November 2017

By Morgan Westgate

In our October 16, 2017 blog post, we summarized a decision by Justice Epstein of the Ontario Court of Appeal (in chambers), in Yaiguaje v. Chevron Corporation, wherein the Court of Appeal ordered a group of Ecuadorian villagers to pay nearly $1 million into court as security for costs in their historical litigation against Chevron.

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Court of Appeal Allows Ontario Class Action to Include Absent Foreign Claimants: Part 2

30 October 2017

By Khrystina McMillan

This is the second of a two-part post on the Court of Appeal’s decision in Airia Brands Inc. v Air Canada. In last week’s post,  we summarized the nature of the claim and the Court of Appeal’s framework for establishing jurisdiction over absent foreign claimants. In this week’s post, we summarize the Court of Appeal’s analysis of the real and substantial connection test for establishing jurisdiction over class proceedings. We also briefly explain the difference between the real and substantial connection test and the test for forum non conveniens. 

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Court of Appeal Allows Ontario Class Action to Include Absent Foreign Claimants: Part 1

23 October 2017

By Khrystina McMillan

This is the first of a two-part post on the Court of Appeal’s decision in Airia Brands Inc. v Air Canada. This week’s post will canvass the background to the action and summarize the framework provided by by the Court of Appeal for establishing jurisdiction over absent foreign claimants.

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