In the February 21, 2014 issue of The Lawyers Weekly, Davis LLP's Brendan Clancy comments on the test for leave to bring a statutory claim for misrepresentation under the Ontario Securities Act.
In the recent decision in Musicians Pension Fund of Canada (Trustees of) v. Kinross Gold Corp.,  O.J. No. 5071 (S.C.J.), Justice Perell considered the test for leave to bring a statutory cause of action (under the Ontario Securities Act) for misrepresentation in the secondary market. The threshold to obtain leave is low and Justice Perell’s decision provides some guidance as to just how low that threshold is. Brendan discusses how the test could be modified so as to recognize the fact that a motion for leave likely occurs before the parties have conducted discoveries.