U.S. Supreme Court refuses to adopt a bright-line rule on limitation periods for corporate insider profit claims *

Canada, USA - May 3 2012
There is little law in Canada regarding if and how limitation periods applicable to statutory causes of actions in securities legislation can be tolled.

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Ontario Court of Appeal puts a strict time limit on secondary market misrepresentation class action *

Canada - March 1 2012
Public issuers in Canada, and their directors and officers, will benefit from a recent ruling of the Court of Appeal for Ontario, which puts a strict time limit on investors seeking to advance a statutory cause of action for allegedly misleading secondary market disclosure.

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US Supreme Court limits extraterritorial reach of US securities law: Morrison v. National Australia Bank *

Canada - January 12 2011
Out of the US Supreme Court comes a positive development for Canadian issuers of securities who have business operations in the United States: the US Supreme Court held, on June 24, 2010, that the principal statutory provisions used by security-holders to bring class actions in the US — s.10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 (which is promulgated under s. 10(b)) — have no application to trades in securities that are not traded on a US exchange and that do not take place in the US.

Co-authors: Dana M. Peebles, Benjamin H. Silver.

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US Supreme Court limits extraterritorial reach of US securities law: Morrison v. National Australia Bank *

Canada, USA - September 2 2010
Out of the US Supreme Court comes a positive development for Canadian issuers of securities who have business operations in the United States: the US Supreme Court held, on June 24, 2010, that the principal statutory provisions used by security-holders to bring class actions in the US — s.10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 (which is promulgated under s. 10(b)) — have no application to trades in securities that are not traded on a US exchange and that do not take place in the US.

Co-authors: Dana M. Peebles, Benjamin H. Silver.

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US Supreme Court limits extraterritorial reach of US Securities Law *

USA - July 22 2010
Out of the US Supreme Court comes a positive development for Canadian issuers of securities who have business operations in the United States: the US Supreme Court held, on June 24, 2010, that the principal statutory provisions used by security-holders to bring class actions in the US — s.10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 (which is promulgated under s. 10(b)) — have no application to trades in securities that are not traded on a US exchange and that do not take place in the US.

Co-authors: Dana M. Peebles, Benjamin H. Silver.

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