Securities Defence Case Comments
Lawyers from our Securities Defence Litigation Practice break down notable securities cases and give you the facts, findings and takeaways.
High Standards Expected for Experienced Registrants and Compliance with Client Reporting Obligations in IIROC v Sutton
What is the standard expected of a dealer employee who is tasked with pricing securities for client reporting, and the compliance standard for reviewing that work? Can seniority affect the standard expected by regulators?
Liability for Misuse of Non-Public Information in OSC v. Volk
Can trading based on confidential information about a public company that is not admitted or found to be material give rise to liability under the Ontario Securities Act?
Limitation Periods in Investment Losses: Rotzang v. CIBC World Markets Inc.
When does a limitation period begin for an investment loss claim where the client continues to have an account with an investment firm but receives no advice and does no trading in that account?
“Off-book” Investments: Mulley v Lewis
When is a securities dealer vicariously liable for the misconduct of an employee broker relating to “off-book” investments?
Employee “Profit Sharing” Plans: Manastersky v Royal Bank of Canada et al.
Is an employer required to compensate a dismissed employee for lost opportunity to earn “profit sharing” during a termination notice period?
OSC, on appeal from IIROC, in the matter of Lucy Marie Pariak-Lukic
The OSC overturned an IIROC sanction decision, imposing its own more onerous sanctions, thus signaling that IIROC should be imposing tougher sanctions even when unintentional wrongdoing is in issue.
IIROC v. Canaccord Genuity Settlement Agreement
What is the extent of retail branch and head office supervision?
Marlin Investments v. Canaccord
This case addresses the “know your client” standard in the context of KYC forms; off-setting investment gains to reduce losses in damage quantification; and contributory negligence of a vulnerable (geriatric) client, all in the context of the market crash of 2008.
