Blog

Pencils in Space: Why Targets for Women in Corporate Leadership Should no Longer be a Debate

12 February 2018

By Khrystina McMillan

I think I was in high school when I first heard the story about a contest held by NASA offering a hefty cash prize to anyone who could invent an anti-gravity pen for use in outer space. While many of the country’s greatest minds set out to design such a “space pen”, pouring millions of dollars and countless hours into the task, according to legend the contest was won by a young child who simply wrote: “Why not use a pencil?”

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The Anxiety of Retiring Solo: New Survey Finds Single Canadians are Concerned About Retirement Savings

5 February 2018

By Uri Snir

It is increasingly common for Canadians to be living on their own as they enter retirement: it is a living arrangement that some plan for, while others do not. Whether single, separated, divorced or widowed, Canadians who live on their own in retirement face several challenges.

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When You Ought to Have Known: Court of Appeal Upholds Liability Against Successive Tippees Who Lacked Actual Knowledge of the Source of the Inside Information

29 January 2018

By Khrystina McMillan

In a decision released last Thursday, January 25, 2018, the Ontario Court of Appeal considered for the first time the definition of a “person in a special relationship with an issuer” as it applies to successive tippees who possess inside information. In Finkelstein v Ontario Securities Commission, the Court of Appeal upheld findings of liability and significant sanctions against Howard Miller and Francis Cheng – the final two recipients in a five-person long chain of successive tippees – even though neither Miller nor Cheng knew that the source of the information was an insider. According to the Court of Appeal, however, they ought to have known that they were acting on inside information.

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Ontario Superior Court Takes Flexible Approach to Limitation Periods in Relation to Claims by Vulnerable Persons

22 January 2018

By Shakaira John
The Ontario Superior Court has made an important statement about limitation periods in relation to litigation guardians. In Shaw v. Barber, an application was brought by the Office of the Public Guardian and Trustee (“OPGT”) on behalf of an incapable woman for support under the Succession Law Reform Act (“SLRA”). The court’s decision clarified that limitation periods do not begin to run against an incapable person from the day that the OPGT becomes the statutory guardian of property, but rather, from the day the OPGT decides to act as litigation guardian.

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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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INSIGHT & EXPERIENCE