Kerr v. Danier Leather Inc. et al., [2001] O.T.C. 181 (SupCt)

• Judge: Cumming, J.
• Court: Superior Court of Justice of Ontario (Canada)
• Case Date: March 15, 2001
• Jurisdiction: Ontario
• Citations: [2001] O.T.C. 181 (SupCt)

Kerr v. Danier Leather Inc., [2001] O.T.C. 181 (SupCt)

MLB headnote and full text

Temp. Cite: [2001] O.T.C. TBEd. MR.069

Douglas Kerr (plaintiff) v. Danier Leather Inc., Irving Wortsman, Jeffrey Wortsman and Bryan Tatoff (defendants)

(98-CV-158675CO)

Indexed As: Kerr v. Danier Leather Inc. et al.

Court of Ontario

Superior Court of Justice

Cumming, J.

March 15, 2001.

Summary:

This headnote contains no summary.

Securities Regulation - Topic 5405

Prospectuses - False or misleading information - See paragraphs 1 to 69.

Cases Noticed:

Hercules Managements Ltd. et al. v. Ernst & Young et al., [1997] 2 S.C.R. 165; 211 N.R. 352; 115 Man.R.(2d) 241; 139 W.A.C. 241, refd to. [para. 4].

Aguonie v. Galion Solid Waste Material Inc. et al. (1998), 107 O.A.C. 114; 38 O.R.(3d) 161 (C.A.), refd to. [para. 4].

Dawson et al. v. Rexcraft Storage and Warehouse Inc. et al. (1998), 111 O.A.C. 201 (C.A.), refd to. [para. 4].

Shaw v. Digital Equipment Corp. (1996), 82 F.3d 1194 (1st Cir.), refd to. [para. 22].

Pinter v. Dahl (1988), 486 U.S. 622, refd to. [para. 32].

Esso Petroleum Co. v. Mardon, [1976] 2 All E.R. 5 (C.A.), refd to. [para. 35].

Hinchey v. Gonda, [1955] O.W.N. 125 (H.C.), refd to. [para. 36].

NationsMart Corporations Securities Litigation, Re (1997), 130 F.3d 309 (8th Cir.), refd to. [para. 39].

With v. O'Flanagan, [1936] 1 Ch. 575 (C.A.), refd to. [para. 58].

Hogar Estates Ltd. v. Shebron Holdings Ltd. (1979), 25 O.R.(2d) 543 (H.C.), refd to. [para. 58].

Kaplan v. Rose (1994), 49 F.3d 1363 (9th Cir.), refd to. [para. 60].

Trump (Donald J.) Casino Securities Litigation, Re (1993), 7 F.3d 357 (3rd Cir.), refd to. [para. 66].

Huddleston v. Herman & MacLean (1981), 640 F.2d 534 (5th Cir.), refd to. [para. 66].

Fasciani v. Banca Commerciale Italiana of Canada et al. (1996), 1 O.T.C. 40 (Gen. Div.), refd to. [para. 70].

Goodyer v. Goodyer (1999), 85 O.T.C. 258; 168 D.L.R.(4th) 453 (Gen. Div.), refd to. [para. 72].

Niles v. Lake, [1947] S.C.R. 291, refd to. [para. 72].

Statutes Noticed:

Securities Act, R.S.O. 1990, c. S-5, sect. 1(1) [para. 13]; sect. 57(1) [para. 62]; sect. 130(1) [para. 12].

Authors and Works Noticed:

Alboini, V.P., Securities Law and Practice (2nd Ed. 1984) (Looseleaf), vol. 2, p. 23.1.4 [para. 31].

Chapman, John T., Class Proceedings For Prospectus Misrepresentation (1994), 73 Can. Bar Rev. 492, pp. 497, 498 [para. 31].

Fleming, John, The Law of Torts (9th Ed. 1998), p. 696 [para. 45].

Spencer, Bower and Turner, The Law of Actionable Misrepresentation (3rd Ed. 1974), p. 84 [para. 59].

Waddams, Stephen M., The Law of Contracts (4th Ed. 1999), p. 315 [para. 58].

Counsel:

Peter Jervis, George Glezos and Jasmine Akbarali, for the plaintiff;

Benjamin Zarnett and Jessica Kimmel, for Jeffrey Wortsman and Bryan Tatoff;

Patricia Jackson and Alexandra Clark, for Irving Wortsman;

Neil Finkelstein, James Doris and Russell Cohen, for Daniel Leather Inc.

This action was heard on December 18 and 19, 2000, by Cumming, J., of the Ontario Superior Court, who released the following decision on March 15, 2001.

Please note: The following judgment has not been edited.