On January 15, 2025, Cassels lawyers Lara Jackson, John Picone, Kate Byers, and Laura Cloutier appeared before the Supreme Court of Canada on behalf of Lundin Mining Corporation and certain of its directors and officers in the case of Lundin Mining Corporation, et al. v. Dov Markowich, a landmark securities litigation class action matter.
The Court’s decision will clarify the definition of a “material change” under the Ontario Securities Act and its equivalents across Canada. It will also confirm the threshold for a motion for leave to proceed with a class action for secondary market liability pursuant to those statutes. Under provincial securities legislation, material changes must be immediately disclosed to the market, as opposed to being disclosed as part of the issuer’s continuous disclosure obligations.
The decision, which is not expected to be released for several months, will have significant implications for public companies and their directors and officers. You can find the webcast of the hearing here.