The number of securities class action filings in Canada remained high last year, most of which involved allegations of misrepresentations and/or omissions by issuers, according to a recent report.
In 2009, eight securities class actions were filed, down from 10 in 2008 but still higher than in any other year, according to figures from NERA Economic Consulting.
“While securities class action litigation is still in its infancy in Canada, the maturation of this type of litigation continued during 2009,” NERA senior vice president Mark Berenblut said.
Most of last year’s filings were made against companies in the mining and financial sectors.
There are now $14.7 billion in outstanding claims in Canadian securities class actions.
Settlement values for 2009 dropped sharply with six cases settling for about $51 million compared to eight cases and $890 million the year prior.
According to the report, the pace of new filings in 2010 will depend on many factors, including the state of the economy, additional court rulings, and possible changes to corporate governance practices.
NOMINATIONS SOUGHT FOR PRESTIGIOUS AWARD
Nominations are being accepted for a prestigious award honouring prominent business leaders.
The Catalyst Canada Honours recognize those who have made critical and visible differences to women’s advancement. Nominees can be either men or women.
The organization will mark the achievements of three people: a CEO or firm leader, a business leader, and a human resources or diversity leader.
“When Catalyst Canada opened its doors 10 years ago, visible champions of women in business were rare,” Catalyst’s North American vice president Deborah Gillis said. “It’s widely recognized that advancing women to senior executive and board positions is good for business, and champions are vital to this progress.
ADOVOCATES’ SOCIETY TACKLES TOUGH CASES
The Advocates’ Society, in partnership with the Ontario Justice Education Network, is inviting three high school law students to attend sessions at this year’s Toronto Court House series.
This year’s event, titled Tackling the Tough Case: Limitations, Liabilities, and Experts, features experienced lawyers sharing practical strategies.
The two upcoming sessions focus on strategies for overcoming hurdles in a problem case, with one set for this Thursday and the other taking place on Feb. 25.
Each session will be held from noon to 1:30 p.m. in the Advocates’ Society Education Centre at 480 University Ave., 17th floor.
To arrange student participation, contact Robin Black, senior program co-ordinator, at email@example.com.
PAIR OF LAWYERS JOIN THE BENCH
Two lawyers are joining the bench at the Ontario Superior Court of Justice, the federal government has announced.
Justice Ronald Kaufman, a lawyer from Pickering, Ont., takes a position on the court’s family court branch. He replaces Justice Thomas Wood, who moves from the family branch to fill the vacancy left by Justice A.W. Bryant, who was transferred from Newmarket to London, Ont.
Also joining the bench is Justice Duncan Grace, a lawyer with Miller Thomson LLP in London. Grace, who replaces Justice W.B. Trafford, will preside in Toronto.