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Court of Appeal Clarifies Availability of Defences Based on Clear and Credible Evidence at Securities Leave Motions

15 September 2017

By Khrystina McMillan

In a decision released last Monday, September 18, 2017, the Ontario Court of Appeal overturned a decision to deny leave to proceed against individual defendants to a misrepresentation claim under Part XXIII.1 of the Ontario Securities Act (“OSA”). In Rahimi v SouthGobi Resources Ltd., the plaintiff sought leave to pursue an action against SouthGobi Resources Ltd. (“SGR”) and five current and former SGR directors and officers for alleged misrepresentations in SGR’s financial statements between 2010 and 2012. The defendants challenged the plaintiff’s motion for leave, relying in part on the defence of reasonable investigation. Although the Rahimi decision confirms that courts will consider and evaluate defences at the leave stage, the Court of Appeal emphasized that leave will not be denied where there is a lack of a clear record in support of the defence.

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Welcome to the new BBS Blog!

15 September 2017

By Khrystina McMillan

Welcome to the first blog post of Babin Bessner Spry’s revamped website! We will be updating the blog on a regular basis to provide information about key cases or developments in a wide range of practice areas, including securities litigation, corporate governance, shareholder oppression, insolvency, intellectual property, conspiracy, fraud, product liability, professional liability and discipline, employment, competition, class action and advertising law. 

Take a moment to explore our site, perhaps bookmark us, and be sure to check back regularly for more information about our service as well as interesting updated legal information as we continue to develop our new blog. 
 
If you have any questions about the BBS Blog, or the services we offer, please reach out to Khrystina McMillan. You can also follow us on Twitter Facebook, and LinkedIn.
 
Thanks for stopping by!
 
- The Babin Bessner Spry Team

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