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Securities Class Actions Move North: A Doctrinal and Empirical Analysis of Securities Class Actions in Canada


Adam C. Pritchard


University of Michigan Law School

Janis P. Sarra


University of British Columbia (UBC), Faculty of Law

August 10, 2009

U of Michigan Law & Economics, Olin Working Paper No. 09-009
Alberta Law Review, Forthcoming

Abstract:     
A number of Canadian provinces recently have adopted legislation providing shareholders with a claim for secondary market fraud. Although the legislation has some similarities to the “fraud on the market” class action found in the United States, the laws have some important differences. This article compares securities class actions in Canada and the United States, highlighting the differences between the two regimes that are likely to have important strategic consequences for class action attorneys and issuers. The article also collects and analyzes data on the securities class actions that have been filed to date against Canadian issuers in both Canada and the US, sometimes simultaneously. Finally, the article analyzes the effect of the new legislation on premia for directors’ and officers’ insurance. We find that the relative price of D&O insurance went up substantially for issuers listed only in Canada after the legislation went into effect.

Number of Pages in PDF File: 46

Keywords: Ontario Securities Act, Supreme Court of Canada, director and officer insurance

JEL Classification: K22

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Date posted: May 27, 2009 ; Last revised: October 6, 2009

Suggested Citation

Pritchard, Adam C. and Sarra, Janis P., Securities Class Actions Move North: A Doctrinal and Empirical Analysis of Securities Class Actions in Canada (August 10, 2009). U of Michigan Law & Economics, Olin Working Paper No. 09-009; Alberta Law Review, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1410724 or http://dx.doi.org/10.2139/ssrn.1410724

Contact Information

Adam C. Pritchard (Contact Author)
University of Michigan Law School ( email )
625 South State Street
Ann Arbor, MI 48109-1215
United States
734-647-4048 (Phone)
734-647-7349 (Fax)

Janis P. Sarra
University of British Columbia (UBC), Faculty of Law ( email )
1822 East Mall
Vancouver, British Columbia V6T 1Z1
Canada
604-822-9255 (Phone)
HOME PAGE: http://www.law.ubc.ca/faculty/Sarra/
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