Everyone has been talking about the recent decision from the US Supreme Court in Halliburton Co v Erica P. John Fund Inc (Halliburton) and its rulings regarding the “fraud on the market” doctrine in US securities class action litigation (previously reported on here and here).
There has been published a joint statement following the latest EU – US financial markets regulatory dialogue which took place on 8 July 2014.
On June 23, 2014, the United States Supreme Court issued its much-anticipated decision in Halliburton Co. v. Erica P. John Fund (“Halliburton”), as issuers and investors in the U.S. (and Canada) wanted to see if the landscape for securities class actions in both countries would be fundamentally changed.
On May 30, 2014, Mr. Justice Richard Danyliuk of the Saskatchewan Queen’s Bench sentenced Ronald Fast to seven years in prison for fraud and ordered him to pay restitution of $16.7 million. Fast’s daughter, Danielle Fast-Carlson, was sentenced to 30 months in prison and ordered to pay $1 million in restitution arising out of the same circumstances.
A significant development in Canada has been the increased number of prosecutions of securities class actions following or in parallel with regulatory proceedings. In the last few years, there have been several cases which have shed light on the interplay between securities class actions and regulatory investigations and/or settlements.
In the oil and gas regulatory sphere, Q2 marked the implementation of the third and final phase of the Alberta Energy Regulator’s new mandate under the Responsible Energy Development Act (REDA).
À l’approche de la finale de la Coupe du Monde, et peu importe votre pays de prédilection, vous avez certainement vécu, de près ou de loin, une certaine fébrilité au courant des dernières semaines. Il s’agit, après tout, d’un évènement qui attire plus de spectateurs que les Jeux Olympiques (statistiques).
The short take on energy trends in the last two quarters is “what a difference a Polar Vortex can make”. That weather phenomenon is partly responsible for a change in the current and the predicted future prices of natural gas. The winter heating season ended with significantly lower quantities of gas in storage than usual. As well, the demand for gas continues to escalate with gas continuing to replace coal as a power generation fuel.
In a recent British Columbia arbitration decision NCR Canada Ltd. v. International Brotherhood of Electrical Workers, Local 213, an employer was precluded from requiring members of a defined benefit (DB) component of its pension plan to switch to the defined contribution (DC) component for future service, many years after the DB plan members had been offered an opportunity to voluntarily switch to the DC component of the plan.
As previously reported, the 2014 federal budget implementation act, Bill C-31 (the Economic Action Plan 2014 Act, No. 1) included a number of components that concern product liability legislation. Bill C-31 received Royal Assent on June 19, 2014.