Leave Requirement in Securities Class Actions: “More than a speedbump, less than the Matterhorn”

Legal Year in Review

In this article – “Securities class actions leave: More than a speedbump, not the Matterhorn” – we review such factors as how the courts are becoming increasingly interventionist in their role as gatekeepers, particularly in the context of unmeritorious secondary market claims; how an action from secondary market misrepresentation under the Ontario Securities Act requires leave of the court; and how the test for obtaining leave is different from – and imposes a higher threshold than – the test for the authorization or certification of a claims action.

This article is authored by Craig Lockwood, a partner with Osler’s Litigation group, and by Lipi Mishra, an associate with the group.

Legal Year in Review is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus – your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 450 lawyers to provide the answers you need, when you need them.

Our Legal Year in Review, published December 7, 2021, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.

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