Drywall Acoustic Lathing And Insulation, Local 675 V. Snc-Lavalin Group Inc., 2015 ONCA 718
This was a decision in a class proceeding against SNC-Lavalin and its directors and officers by shareholders who alleged misrepresentations in secondary market disclosure documents.
As required by s. 138.8(1) of the Ontario Securities Act, the plaintiffs had obtained leave of the Court to bring their claims. The plaintiffs then sought to amend their claim to add new allegations of bribery, embezzlement, and other wrongful conduct following criminal and regulatory investigations.
The Ontario Court of Appeal held that depending on the nature of proposed amendments, additional leave may be required under s. 138.8(1) to amend pleadings and advance new claims. In this case, the plaintiffs were entitled to add new particulars of a misrepresentation already alleged, but claims that were founded on other misrepresentations were statute-barred by the three-year limitation period imposed by s. 138.14(1) of the Act.
To view the original article please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
