Education

University of Toronto, BComm, 2003, with distinction McGill University, LLB, 2007, with great distinction and dean's honour list McGill University, BCL, 2007, with great distinction and dean's honour list 

Bar Admissions

Ontario, 2008

Jonathan G. Bell

Partner

T: 416.777.6511 / E: bellj@bennettjones.com

Toronto

Clients benefit from Jon Bell's extensive litigation experience, especially when faced with complex commercial litigation.

Jon is one of Canada's leading litigators specializing in complex, high stakes disputes in virtually every area of corporate and commercial litigation, including international fraud, securities regulatory and enforcement matters, internal investigations, shareholder and partnership disputes, directors' and officers' liability, professional negligence, product liability, defamation, domestic and international arbitration, oppression proceedings and class proceedings, among others. Jon has been lead counsel in numerous trials, appeals, arbitrations and judicial review hearings, including several multi-month trials. Jon has extensive experience co-ordinating with colleagues in different jurisdictions in multi-jurisdictional litigation and enforcement proceedings.

Jon regularly advises on and leads investigations on behalf of boards and special committees on issues of accounting fraud, securities compliance, conflicts of interest and other sensitive matters. These investigations frequently involve domestic regulators and law enforcement from across Canada and in other jurisdictions.

Jon is a fierce advocate who takes pride in bringing a practical business-minded approach to commercial disputes while championing his clients' interests to the fullest extent permitted at law. Recognized as a Lexpert Rising Star for being one of Canada’s leading lawyers under 40 and as Benchmark's Emerging Talent of the Year in 2019, Jon has also been named a Rising Star in litigation in Expert Guides' LMG Rising Stars (2016, 2017 and 2018). He has subsequently been recognized as one of Canada's leading litigators in numerous reporting agencies, including: Canadian Legal Lexpert Directory as repeatedly recommended for both Corporate / Commercial and Securities Litigation; Benchmark Litigation: Canada as a Litigation Star; and Who's Who Legal as highly recommended for work on directors' and officers' liability and internal investigations.

Select Experience

• Sakab Saudi Holding Company. - Leading proceedings, including obtaining various extraordinary orders (Mareva injunctions and Norwich relief) on behalf of a group of Saudi entities against a former Saudi government minister alleged to have misappropriated, in conspiracy with members of his family and others, $5.36 Billion USD from the plaintiff companies through various offshore structures.   
• Defending a global investment firm specializing in the metals and materials industry in an action claiming specific performance and damages of $300 million USD relating to an alleged breach of an agreement to sell a mining royalty. Lithium Royalty Corporation v. Orion Resource Partners et. al.  2023 ONCA 697
• A U.S. investment fund in a confidential arbitration relating to allegations of fraud and accounting regularities arising from a share acquisition where claims now exceed $150 million. 
• The Joint Liquidators of China Medical Technologies, Inc. in successfully obtaining a Mareva injunction against a former officer as a result of his role in the alleged theft of US$520 million from the company
• The Trustee in Bankruptcy of James Henry Ting in enforcement proceedings in Canada against the bankrupt, the former Chairman and CEO of Akai Holdings Limited, who was found to have defrauded the Hong Kong-based company and misappropriated over a billion dollars
• SFC Litigation Trust in a successful 15 week trial against the former CEO of Sino-Forest Corporation, Allen Chan, resulting in a judgment in fraud and breach of fiduciary duty of US$2.6 billion
• Volkswagen AG in a securities class action commenced on behalf of Ontario purchasers of Volkswagen securities, in which the plaintiffs are seeking damages as a result of alleged misrepresentations in Volkswagen’s public disclosures pertaining to NO2 emissions
• Litigation Trustee of Sino-Forest Corporation in the prosecution of multiple litigation claims arising from the insolvency of Sino-Forest
• Sino-Forest Corporation in its application under the Companies' Creditors Arrangement Act, in which a plan of arrangement was approved by creditors and by the court within nine months after filing
• Sino-Forest Corporation in defence of class actions, including claims asserted under Part XXIII.1 of the Ontario Securities Act, and in connection with investigations by securities regulatory authorities
• Volkswagen AG in defence of Ontario securities class action
• Office of the Prime Minister of Canada in an investigation into the conduct of Senator Duffy
• Prime Minister of Canada in the successful defence of an action commenced by a former member of the federal cabinet
• The Special Committee of Central GoldTrust in Sprott Asset Management's $1-billion hostile takeover bid for all the outstanding Units of Central GoldTrust
• The Special Committee of Silver Bullion Trust in Sprott Asset Management's $62-million hostile takeover bid for all the outstanding Units of Silver Bullion Trust
• Nortel Networks, representing bondholders with claims in excess of U.S. $4 billion in ongoing proceedings pursuant to the Companies' Creditors Arrangement Act
• Audit Committee of Penn West Petroleum Ltd. in a management-initiated, voluntary review of certain accounting practices, and in connection with the restatement of the company's previously filed financial statements arising from the review
• VenGrowth Funds in the transaction by which Covington Fund II Inc. acquired the assets of New Generation Biotech (Equity) Fund Inc. and The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., and The VenGrowth Traditional Industries Fund Inc. for $360 million
• Research In Motion Limited in its $150-million acquisition of Certicom Corp
• Persona Communications Corp. in the sale of all of Cable Acquisition Holdings Company Limited shares to Eastlink Persona Holdings Inc, for a substantial sum
• Benefit Plan Administrators Limited in defence of a pension related class action

Recent Recognitions

• Lexpert Special Edition Litigation
  
  Recognized as one of Canada's leading lawyers in litigation
• Who's Who Legal: Professional Negligence
  
  Highly recommended for work on directors’ and officers’ liability and internal investigations.
• Benchmark Litigation: Canada
  
  Recognized as a Litigation Star
• Canadian Legal Lexpert Directory
  
  Consistently Recommended, Litigation - Corporate Commercial; Litigation - Securities
  Repeatedly Recommended, Class Actions
  

   
• Lexpert Rising Star
  
  Rising Star Winner
• Expert Guides LMG Rising Stars
  
  Rising Star in the area of Litigation
  
  

Recent Insights, News & Events

• Bennett Jones Lawyers Named Among Canada’s Top Litigators By Benchmark Canada
  Announcements / May 01, 2025
  Thirty-seven Bennett Jones lawyers have been recognized in the Benchmark Canada 2025 rankings, including 30 Litigation Stars and 10 Future Stars. Five of our lawyers were also named among the Top 50 Trial Lawyers in Canada.
• Forty Bennett Jones Lawyers Recognized In Benchmark Canada 2023
  Announcements / April 26, 2023
  Bennett Jones is Highly Recommended in the 2023 Benchmark Canada rankings, with 40 individual lawyers ranked this year—30 Litigation Stars and 10 Future Stars. Benchmark Litigation's law firm and lawyer rankings based on extensive interviews with litigators, dispute resolution specialists and their clients as well as analysis of the market’s most important cases and firm developments.
• Bennett Jones Highly Recommended in Benchmark Canada 2022
  Announcements / April 28, 2022
  Bennett Jones is Highly Recommended as a firm in the 2022 Benchmark Canada rankings, with 38 individual lawyers ranked this year—30 are Litigation Stars, with 5 ranked as a Top 50 Trial Lawyer, and 8 are Future Stars.
• Court of Appeal Refines the Corporate Attribution Doctrine
  Blog / March 15, 2022
  The corporate attribution doctrine concerns the attribution of the actions of a corporation’s directing mind to the corporation itself. On March 10, 2022, in Ernst & Young Inc. v. Aquino, the Court of Appeal released what it described as a decision of first impression in which the Court considered the doctrine in the bankruptcy and insolvency context. In particular, the Court held that the fraudulent intent of a directing mind could be imputed to a bankrupt corporation for the purpose of voiding transfers at undervalue under section 96 of the Bankruptcy and Insolvency Act.
• Bennett Jones Wins Class Action Team of the Year Award
  Announcements / May 19, 2021
  Bennett Jones is the winner in the Class Action Team of the Year category in the 2021 Canadian Law Awards, for the firm's work for the defendants in Winder v. Marriott International Inc. The Canadian Law Awards recognizes the nation’s leading law firms, in-house legal teams, individuals, deals and cases over the past year, reflecting true excellence in the country's legal profession.
• Bennett Jones Highly Recommended in Benchmark Canada 2021
  Announcements / May 04, 2021
  Bennett Jones is Highly Recommended as a firm in the 2021 Benchmark Canada rankings, with 37 individual lawyers ranked this year—29 are Litigation Stars, 8 are Future Stars and 5 are Top 50 Trial Lawyers.
• Important New Guidance from the Court of Appeal on TSX Majority Voting Rules, Reasonable Expectations in Oppression Claims and Contractual Set-Off
  Blog / March 11, 2021
  Since 2014, the Toronto Stock Exchange (TSX) has required listed issuers without a majority shareholder to implement a majority voting policy requiring each of its directors to be elected by a majority of the votes cast (50 percent plus one vote) with respect to their election at uncontested shareholder meetings. The TSX's Majority Voting Requirement provides that, subject to exceptional circumstances, any director who fails to meet this threshold must immediately tender their resignation.
• Shareholders’ Rights, Activism and ESG Investing in Canada
  Articles / November 18, 2020
  Robert Staley, Kristopher Hanc, Jonathan Bell and Tim Heneghan write the Canada chapter of Shareholders' Rights & Shareholder Activism 2020 in Chambers Global Practice Guides.
• Ontario Divisional Court Applies Vavilov to Appeals from Ontario Securities Commission
  Blog / October 06, 2020
  The Ontario Securities Commission (OSC) has traditionally been regarded by the Ontario Divisional Court as a specialized administrative tribunal entitled to significant deference on appeal and judicial review proceedings. On this deferential approach, the Divisional Court would review decisions of the OSC on a "reasonableness" standard of review—the Court would follow the Dunsmuir approach and defer to the OSC provided that the decision fell within a range of reasonable outcomes. As a practical matter, this meant that it was very difficult to successfully challenge a decision of the OSC on substantive legal grounds.
• Ontario Court of Appeal Opens the Door to ETF Securities Class Actions
  Blog / June 09, 2020
  In Wright v Horizons ETFS Management (Canada) Inc., 2020 ONCA 337, the Ontario Court of Appeal for Ontario has opened the door to investor class actions related to exchange-traded funds (ETFs), holding that the creator/manager of an ETF may owe a duty of care in negligence to investors in the creation, marketing and management of the ETF. The Court of Appeal also clarified the doctrinal boundaries between s. 130 of the Ontario Securities Act, R.S.O. 1990 c. S. 5, (which creates a statutory cause of action for misrepresentations in respect of securities purchased in the "primary market") and s. 138.3 of the Securities Act (which creates a separate cause of action for misrepresentations relating to securities purchased in the "secondary market"), holding for the first time that ETF investors in certain circumstances may be entitled to bring a claim under s. 130 of the Securities Act for misrepresentations in a prospectus.
• Three Bennett Jones Partners are Lexpert Rising Stars
  Announcements / November 08, 2019
  Jonathan Bell, Laura Gill and Blake Williams are winners of Lexpert Rising Star Awards for 2019. These prestigious awards celebrate Canada’s leading lawyers under 40, from law firms and throughout the legal profession. Winners were honoured at the annual gala event in Toronto last night.
• Bennett Jones Ranks in the Benchmark Canada 2019 Awards
  Announcements / March 11, 2019
  Three Bennett Jones lawyers were honoured at the Benchmark Canada 2019 Awards in Toronto: Blair Yorke-Slader won Trial Lawyer of the Year, Energy/Resource Attorney of the Year and Alberta's Litigator of the Year; Michael Eizenga won Class Action Attorney of the Year; and Jonathan Bell won Emerging Talent of the Year. Bennett Jones was recognized for working on a "National Impact Case" for its contribution in the Dow Chemical Canada ULC v. Nova Chemicals Corporation. Congratulations to all of the award winners.
• US$2.6-Billion Fraud Judgment Awarded Against Former Sino-Forest CEO
  Blog / April 16, 2018
  On March 14, 2018, the Honourable Justice Penny of the Ontario Superior Court (Commercial List Division) released a decision granting a US$2.6-billion judgment to the SFC Litigation Trust for fraud and [...]
• No Statutory Claim? No Certification for Securities Class Action
  Blog / November 01, 2017
  Last week, Justice Perell released a securities class action decision (LBP Holdings Ltd. v. Hycroft Mining Corporation, 2017 ONSC 6342 [Hycroft]) refusing to certify a common law claim for negligent misrepresentation [...]
• Litigation & Dispute Resolution 2017
  Articles / August 17, 2017
  The Canadian court system is comprised of: (i) provincial and territorial courts; (ii) the Federal Courts; and (iii) the Supreme Court of Canada, which is the highest court in the nation. Federal courts have specified jurisdiction to resolve disputes in certain federally regulated areas such as immigration and intellectual property. Robert Staley, Jonathan Bell and Jessica Starck co-authored the Canadian chapter in Global Legal Insights: Litigation & Dispute Resolution 2017, 6th edition.
• The Dispute Resolution Review - 9th Edition - Canada
  Articles / June 21, 2017
  Canada’s system of government is divided into three distinct branches: the judiciary, the legislature and the executive. The legislature (Parliament) has the power to make, alter and repeal laws. The executive branch is responsible for administering and enforcing the laws. The judiciary resolves disputes by applying and interpreting the law. Robert Staley and Jonathan Bell authored the Canadian chapter in The Dispute Resolution Review - 9th Edition. 
• Any Amendment Must be in Writing Signed by the Parties
  Updates / June 01, 2016
  The English Court of Appeal recently held that an express clause in a contract requiring that any amendment be in writing and signed by the parties does not preclude oral or unsigned amendments to the contract. In holding that an oral amendment could be effective notwithstanding an “anti-oral amendment” clause, the Court of Appeal settled divergent English case law on the point, and provided persuasive authority for a similar result in Canada.
• A Reminder That Modern Large Partnerships are Still Partnerships
  Blog / April 08, 2016
  Large law and accounting firms ostensibly bear little resemblance to traditional, small-scale partnerships. Nevertheless, in the recent Ontario Superior Court decision in Tim Ludwig PC v BDO Canada LLP, 2016 [...]
• Bennett Jones Names Eight New Partners
  Announcements / March 07, 2016
  Bennett Jones LLP is pleased to announce that eight lawyers have been admitted to the partnership.
• Supreme Court of Canada Releases Securities Class Actions Trilogy
  Blog / December 04, 2015
  Clarifies that the Leave Test has Teeth in Common Law Jurisdictions as well The Supreme Court of Canada released reasons in its highly-anticipated trilogy of securities class action cases. In Canadian [...]
• Alan Gardner, Justin Lambert and Jonathan Bell in the Financial Post on Securities Class Actions
  In The News / April 22, 2015
  In the Financial Post article by Drew Hasselback, "Corporate Canada Wins One In the Battle for Securities Class Actions," the Bennett Jones client update written by Alan Gardner, Justin Lambert and Jonathan Bell is noted for commenting on the Supreme Court of Canada's decision to dismiss a proposed securities class action against Theratechnologies Inc.
• Theratechnologies Inc. v. 121851 Canada Inc.: The Supreme Court Gives the Leave Test Teeth
  Updates / April 20, 2015
  For the first time, the Supreme Court of Canada has weighed in on the threshold for granting leave for plaintiffs to commence statutory causes of action for secondary market misrepresentation cases. In contrast to recent decisions from several courts of appeal that had set a remarkably low standard, the Supreme Court has clearly stated that the statutory requirement to seek leave before commencing such actions reflects a legislative objective of creating a "robust deterrent screening mechanism" that should be "more than a speed bump". The Court explained that claimants must have both a plausible analysis of the applicable legislative provisions and some credible evidence in support of the claim before being granted leave to proceed.
• Bayens v Kinross Gold Corporation – Misrepresentation Claims in Securities Class Actions
  Updates / December 18, 2014
  Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure. Part XXIII.1 of the OSA creates a statutory cause of action against reporting issuers, their officers and directors, and related parties for misrepresentations made in secondary market disclosures. The case law for this secondary market liability is followed closely by both plaintiffs and defendants counsel, as each decision continues to mould this statutory regime. In Bayens v Kinross Gold Corporation, the Court of Appeal expanded upon its analysis in Green v Canadian Imperial Bank of Commerce and in so doing, provided further clarity on a couple of critical issues related to misrepresentation claims in securities class actions.
• Ontario Legislature Clarifies Securities Limitation Period
  Blog / September 05, 2014
  Less than one month after the Supreme Court of Canada announced that it will hear appeals in a trilogy of Ontario securities class action cases that address how the three years limitation period under [...]
• Supreme Court Grants Leave to Appeal in Securities Class Actions
  Blog / August 07, 2014
  The Supreme Court of Canada announced today that it will hear appeals in a trilogy of Ontario securities class action cases: Green v. CIBC, Silver v. IMAX and Celestica v. Millwright Regional Council [...]
• U.S. Supreme Court Upholds Fraud on the Market Theory in Securities Class Actions
  Updates / June 25, 2014
  A much-anticipated decision of the U.S. Supreme Court, Halliburton Co. v. Erica P. John Fund, Inc. was released on June 23, 2014. While the Supreme Court upheld the "fraud on the market" presumption of reliance which has made the U.S. a plaintiff-friendly jurisdiction for securities class actions, it provided defendants with a potentially powerful new tool for challenging the presumption at the certification stage.
• Sino-Forest: More Lessons as a Chapter Closes
  Updates / March 17, 2014
  On March 13, 2014 the Supreme Court of Canada dismissed applications for leave to appeal by a group of alleged former institutional shareholders of Sino-Forest Corporation. These institutions unsuccessfully sought leave to appeal from orders approving Sino-Forest's Companies' Creditors Arrangement Act plan and approving a settlement reached between Ernst & Young and the plaintiff group that was awarded carriage of Sino-Forest class actions in Ontario. The outcome of the leave applications, and the steps leading to that outcome, contain important lessons for class action and insolvency practitioners.
• Court of Appeal Addresses Outstanding Issues in Securities Class Actions
  Updates / February 07, 2014
  Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure. Part XXIII.1 of the OSA creates a statutory cause of action against reporting issuers, their officers and directors, and related parties for misrepresentations made in secondary market disclosures.
• Ambiguity Remains Regarding Threshold for Leave under Part XXIII.1
  Blog / August 21, 2013
  Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (OSA), which created a statutory cause of action for deficient [...]
• The Test for Leave under Part XXIII.1: Ambiguity Remains
  Updates / August 19, 2013
  Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (OSA), which created a statutory cause of action for deficient market disclosure. Part XXIII.1 of the OSA creates a statutory cause of action against reporting issuers, their officers and directors, and related parties for misrepresentations made in secondary market disclosures. However, before such a claim can be brought, the plaintiffs must obtain leave of the court. The statutory test for leave is that: (1) the action must be brought in good faith, and (2) the plaintiffs must have a reasonable possibility of success at trial. In essence, the legislature granted the courts a gatekeeper function to control litigation and to ensure that only claims with some merit proceed.
• There is a Border in Cross-Border Proceedings
  Updates / April 02, 2013
  Those who have been following the progress of the securities class action saga of Silver v. IMAX will be interested to note that another decision in the long-running case has been released. On March 19, Justice van Rensburg of the Ontario Superior Court held that members of a class certified in Ontario can be bound by a settlement in a related U.S. class action and therefore excluded from participating in the Ontario class proceeding. This decision is a welcome one for companies defending overlapping class actions in two different jurisdictions as it provides a means of settling in one jurisdiction and nonetheless achieving a final resolution of all claims of class members, including those comprising part of a certified class in another jurisdiction.
• New Guidance on the Test for Leave to Bring a Secondary Market Misrepresentation Action
  Updates / November 02, 2011
  On October 21, 2011, the Supreme Court of British Columbia released the reasons of Justice Harris in Round v. MacDonald, Dettwiler and Associates Ltd., 2011 BCSC 1416. Round is the first decision from British Columbia to apply the leave test under Part 16.1 of the province's Securities Act (BCSA), which creates a civil liability regime for secondary market disclosure. 
• Leave and Certification for Secondary Market Securities Class Action: Defendants are Still on Thin Ice
  Updates / March 22, 2011
  Justice Tausendfreund of the Ontario Superior Court recently released Dobbie et al. v. Arctic Glacier Income Fund et al., the second decision considering whether to grant leave under the new Part XXIII.1 of the Securities Act (Ontario). Part XXIII.1 creates a statutory right of action against reporting issuers, their officers and directors, and related parties for misrepresentations made in secondary market disclosures. Before such a claim can be brought, the plaintiffs must obtain leave of the court. In Dobbie et al. v. Arctic Glacier Income Fund et al., leave was granted to the plaintiffs and a national class of Arctic investors was certified for both the statutory causes of action and common law claims.
• Reducing Risks of Directors and Officers in Securities Class Action Litigation: A Refresher
  Updates / December 16, 2010
  Recent developments in Canadian law have given rise to novel issues for officers and directors in the context of potential secondary market liability and other statutory sources of liability in a class actions context. This paper provides a refresher on the best practices to be employed to reduce officers' and directors' risk of liability in class action litigation. A previous version of this paper was presented at the Canadian Institute Securities Litigation and Enforcement Conference on October 19 and 20, 2010, at Toronto.
• The Potential Impact of the Proposed Canadian Securities Act
  Updates / 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.
• An Update on Securities Class Actions in Ontario: Focusing on the Big Picture Post-IMAX
  Articles / January 01, 2010
  Jeffrey S. Leon and Jonathan Bell, "An Update on Securities Class Actions in Ontario: Focusing on the Big Picture Post-IMAX", (2010) Corporate Liability, Volume XV, No. 1.