Securities Archives | Xaidsart LLP | Smart Litigation

Xaidsart successfully defends OSC quasi-criminal prosecution in CannTrust matter

Ted Marrocco — Fri, 16 Dec 2022 15:53:52 +0000

Xaidsart lawyers Paul Le Vay, Gerald Chan and Carlo Di Carlo successfully defended the former Chairman and CEO of CannTrust Holdings Inc., Eric Paul, in an OSC quasi-criminal prosecution relating to charges of insider trading and securities fraud charges (among other charges). After 7 days of trial and two witnesses, the OSC concluded that it had no reasonable prospect of conviction. As such, Mr. Paul was acquitted of all charges.

This case started as a class action, moved into CCAA proceedings, and evolved into a quasi-criminal prosecution in the Ontario Court of Justice after a joint investigation by the RCMP Integrated Markets Enforcement Team and the OSC Joint Serious Offences Team. Xaidsart LLP acted for Mr. Paul throughout each stage and in each forum, exemplifying our ability to represent clients in the full range of litigation matters from civil to criminal.

The case has been extensively covered in the media, including in the below sites:

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Xaidsart lawyers publish article on shareholder class actions and materiality

Ted Marrocco — Tue, 04 Oct 2022 17:19:54 +0000

Our colleagues Carlo Di Carlo and Spencer Bass published an article in the September 2022 edition of The Advocates’ Quarterly that looks at how recent Ontario courts have been inconsistent in their approach to the test for materiality under the Ontario Securities Act (“OSA”), alternating between the “reasonable investor” and “market impact” standards. The article proposes a unified approach going forward (the higher threshold “market impact” test) that is consistent with the language of the OSA and the policies underlying the securities regulation regime more generally.

The article is entitled “A Tale of Two Tests; The Test for Materiality Under s. 138.3 of the Ontario Securities Act” and can be downloaded here.

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Carlo Di Carlo and Stephen Aylward to speak at The Advocates’ Society 8th Annual Securities Symposium

Ted Marrocco — Tue, 04 Sep 2018 19:48:24 +0000

Xaidsart lawyers Carlo Di Carlo and Stephen Aylward will both be presenting tomorrow at The Advocates’ Society 8^th Annual Securities Symposium. The conference discusses emerging issues in securities law.

Carlo will be speaking as part of a panel dealing with how counsel should approach internal investigations. Stephen will be addressing the topic of foreign corrupt practices. A link to the agenda for the conference is here.

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Xaidsart successful in quashing appeal and judicial review of OSC decision

Ted Marrocco — Mon, 30 Apr 2018 16:03:26 +0000

Paul Le Vay and Carlo Di Carlo successfully represented the OSC in a motion to quash an appeal and judicial review application relating to a decision of the Commission. The underlying decision dealt with a determination at a pre-hearing motion that certain documents were not protected by solicitor-client privilege. The respondent brought his appeal and judicial review application almost immediately after the decision was released, and before the merits hearing even started.

In quashing the appeal, the Divisional Court confirmed that s. 9 of the Securities Act does not provide a right to appeal an interlocutory decision. Similarly, in quashing the judicial review, the Court clarified that determinations of solicitor-client privilege do not give rise to an “exceptional circumstance” and thus an exception to the application of the prematurity doctrine (which states that judicial review is not permissible until the merits of the matter have been finally determined, but for in exceptional circumstances).

A link to the decision is here.

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