O Canada Again!

Mondaq’s has published a law firm summary of the new securities class action legislation set to go into effect in the Canadian province of Ontario. (The 10b-5 Daily has recently posted about the legislation.)

Quote of note: “[T]he Ontario regime contains two measures to reduce the potential for strike suits (although it remains to be seen how successful these measures will be). First, a plaintiff is required to obtain leave of the court before bringing a lawsuit, and the court will grant leave only if it is satisfied that the suit is being brought in good faith and has a reasonable prospect of success at trial. Second, the court must approve any proposed settlement of a lawsuit (this is also true of an SEC Rule 10b-5 lawsuit that is brought as a class action).”

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