Professional Responsibility

Our experience includes advising and/or representing:

• BDO LLP in its successful opposition to certification, in Whitehouse v. BDO, of a class action relating to an investment fund. The case represents an important development in the law as it relates to auditors’ duties of care to investors. Blakes was successful counsel at the motions level, through two levels of appeal, and in opposing leave to the Supreme Court of Canada.

• Cronos Group in its successful application to enforce an extended reporting period in its officers’ and directors’ liability insurance, Cronos Group v. Assicurazioni Generali. The decision was upheld by the Court of Appeal for Ontario.

• A professional services company in proposed class action proceedings involving claims that misrepresentations regarding unlicensed growing and storage of cannabis caused CannTrust’s share price to drop during the summer of 2019, resulting in losses to shareholders on the primary and secondary markets.

• Various accounting, engineering, law and consulting firms in relation to a wide range of disputes, confidential securities enforcement and professional regulatory matters.

• The world’s leading accounting firms in their dealings with Canadian regulators, including Chartered Professional Accountant bodies, securities commissions and the Canadian Public Accountability Board.

• A former director of Katanga Mining Limited in an Ontario Securities Commission proceeding.

• An investment firm regarding an expansive Investment Industry Regulatory Organization of Canada investigation and enforcement proceeding alleging misuse and improper disclosure of confidential deal information relating to four different corporate finance and M&A transactions.

• Three defendants in an Alberta class proceeding involving several mortgage investment corporations and sub-corporations — and the directors, officers and former advisors to the corporations — alleging a number of breaches of contract and duty.

• A real estate company in defence of charges under the Water Act and potential personal liability against the company’s directors.

• A former officer of a subsidiary of the Arctic Glacier Income Fund in a securities class action based on the primary- and secondary-market civil liability provisions of the Ontario Securities Act.

• ABB Inc. with respect to an action alleging negligence against the professional engineers involved in a solar field construction project.

• A major accounting firm in an action advanced by a former Canadian securities market participant and its subsidiary relating to alleged financial misstatements and associated misconduct by their management.

• The directors of Horizons ETFs Management (Canada) Inc. and Horizons ETF Corp. in a proposed securities class action seeking damages for the decrease in value of units of Horizons’ BetaPro Crude Oil Leveraged Daily Bull ETF.