In March 2013, the U.S. Financial Crimes Enforcement Network (FinCEN) issued a statement that convertible virtual currency administrators and exchangers would be considered money transmitters and would be required to register as such with FinCEN.
LawPro can breathe a sigh of relief – a recent decision suggest that clients are unlikely to succeed in certifying class actions against their former lawyers based on the terms of their retainer agreements.
Canadian courts routinely certify the interpretation of contracts as common issues in class actions. Following the Supreme Court of Canada’s recent decision in Sattva Capital Corp v Creston Moly Corp, however, this practice may come into question. Though Sattva was not a class action, it may nevertheless open the door to arguments that contractual interpretation raises individual variability and should not be certified as a common issue.
In Ontario, the motion for leave to commence a claim under the Ontario Securities Act (“OSA”) is usually heard at the same time as the certification motion in a prospective class action.
For the majority of employees, vacation time, vacation pay and public holidays will be set out in the terms of their employment contract. But such terms must be consistent with statutory minimum requirements set out under the Employment Standards Act, 2000 (ESA), in Ontario.
The Canadian Securities Administrators recently announced the adoption of final amendments that will implement certain aspects of Phase 2 of the Modernization of Investment Fund Product Regulation Project (the Amendments).
Canadian employers have been watching a series of class action claims, with employees claiming hundreds of millions of dollars in unpaid overtime, since 2007.
Court of Appeal Rules That NYSE and London Stock Exchange Purchasers Cannot Pursue Securities Class Action Claims Against BP in Ontario
Today, the Court of Appeal for Ontario ruled that a proposed securities class action against BP, PLC cannot proceed on behalf of Canadians who purchased their securities in the United States and United Kingdom. The Court of Appeal overruled the lower court’s decision. Osler, Hoskin & Harcourt LLP represented BP in the proceedings.