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Ontario Superior Court Rules that Underwriters Are Not "Experts" Attracting Statutory Secondary Market Liability

May-10-2016

Lawyer David Conklin
Area Corporate Finance and Securities

Summary

Underwriters should not be considered “experts” under the statutory secondary market liability regime. In LBP Holdings v. Allied Nevada Gold Corp., Justice Belobaba of the Ontario Superior Court of Justice denied a motion to add the underwriters of a secondary public offering (the “Offering”) as defendants to a proposed securities class-action proceeding, concluding the claim was not legally tenable.

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