Knowledge
We regularly produce case comments, updates on recent law trends, and articles on the state of the law as it relates to specific industry sectors.
Bennett Jones Guides offer in-depth discussion of specific legal issues. Client Updates present timely information on changes in the law and the effects the changes will have in specific industries or business units.
The Potential Impact of the Proposed Canadian Securities Act
Agarwal, Ranjan K.
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Bell, Jonathan G.
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Leon, Jeffrey S.
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Roy, Shara N.
August 20, 2010
- On May 26, 2010, the Government of Canada released the proposed Canadian Securities Act (CSA). To date, the discussion of the CSA primarily has focused on whether the legislation will be found to be constitutionally valid. Should the legislation be upheld, the important issue for market participants could be the potential impact of legislative change on the regulatory scheme.
Enforcing Statutory Duties in Overtime Class Actions
Agarwal, Ranjan K.
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Hoaken, Eric R.
August 20, 2010
- In a series of recent high-profile cases, Ontario courts have been grappling with the issue of whether employees can use actions commenced under the Class Proceedings Act to enforce overtime claims under the Canada Labour Code. This week’s decision in McCracken v. Canadian National Railway Company holds that statutory employment obligations are implied terms in an employee’s employment contract, and therefore may be the subject of claims asserted in a class action.
The Reach of U.S. Securities Laws Continues to Narrow
Eizenga, Michael A.
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Wilmut, Keir D.
August 12, 2010
- In Morrison v. National Australia Bank Ltd., decided in June, the U.S. Supreme Court ended F-Cubed litigation. Sweeping aside decades of case law, the Supreme Court held that Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 did not allow foreign investors to sue foreign issuers in the U.S. to recover alleged damages suffered from purchases on foreign securities exchanges. Continuing this trend, the U.S. District Court for the Southern District of New York has confirmed that the Supreme Court’s decision also bars F-Squared litigation: even American investors are unable to sue foreign issuers in the U.S. to recover alleged damages suffered from purchases on foreign securities exchanges.