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John J. Pirie

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CANADA – In a recent post we described the Ontario Court of Appeal’s finding, in Kaynes v. BP, PLC, that Ontario was not the most convenient forum for a class action commenced by an Ontario resident who had purchased the defendant’s securities on the NYSE. The claim alleged market misrepresentation under section 138.3(1) of the Securities Act, R.S.O. 1990, c. S.5. The proposed class included those who purchased securities on the TSX, NYSE and LSE…

In October 2011, the Ontario Securities Commission (“OSC“) raised the concept of offering no-contest settlements of the sort commonly employed by the US Securities and Exchange Commission (“SEC“). On March 11th of this year, after receiving some sharply divided feedback in months of public hearings, the OSC announced that it was moving forward with the introduction of a policy that would permit settlement of enforcement proceedings without requiring an admission by the respondent of misconduct…

French President Francois Hollande has signed off on a proposal by French lawmakers that would allow consumer class actions for the first time in France. Unlike the United States “opt-out” class action system, the French system will require individual consumers to opt in, within a two to six month window after a judge issues a liability finding. The French parliament will receive a report after 30 months evaluating how the system has worked, and whether…