Common Law Securities Misrepresentation Claims - Still with Us in the Post-green Era?

AuthorAndrea Laing and Helen Richards
Pages373-391

COMMON LAW SECURITIES
MISREPRESENTATION CL AIMS 
STILL WITH US IN THE
POST
GREEN
ER A?
Andrea Laing and Helen Richards
Abstract: Part XXIII.1 of the Ontar io Securities Act provide s a
statutory right of action for misrepre sentations or omissions
affecting the price of securities on the secondary market. Re-
cently, the Supreme Court of Canada released its decision in
CIBC v Green, wherein it considered whether common law
securities misrepresentation claims may be cer tif‌ied along-
side misrepresentation claims commenced pursuant to Part
XXIII.1. While the Supreme Court decision in Gree n ind icates
that certai n common issues relating to common law m isrepre-
sentation claims may be certif‌ied in conjunction with a Part
XXIII.1 claim, it does not suggest t hat this w ill be appropri-
ate in all cases. The Green decision raises the question as to
what meaningful benef‌it class members will obtain from this
practice. The certif‌ication of some but not all common issues
relating to common law misrepresentation claims is unli kely
to meaningfully advance the resolution of such clai ms when
issues relati ng to reliance and damages must be dealt w ith by
way of individual tr ials. In light of these and other complex
issues that were not addressed in Gree n, one may expect fur-
ther commentar y on the issue of paral lel common law claims
by appellate court s.
ccar 11-2.indb 373 3/8/2016 2:27:30 PM
ccar 11-2.indb 374 3/8/2016 2:27:30 PM

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