In a class action spanning nearly 20 years, Ontario’s Superior Court of Justice has found two mutual fund managers liable for negligence related to “market timing”. Justice Koehnen held in Fisher v. IG Investment that the mutual fund managers failed to take reasonable steps to prevent frequent, short-term trading in their funds that harmed long-term investors. The mutual fund managers did not, however, breach their fiduciary duties. This decision offers important takeaways concerning class proceedings,…
Introduction In Mohr v National Hockey League, 2022 FCA 145, the Canadian Federal Court of Appeal (FCA) dismissed an appeal from a motion to strike a proposed class action claim. The proposed representative plaintiff alleged an anti-competitive conspiracy among professional and major junior hockey leagues. This decision is significant because the FCA confirmed that prohibitions under section 45 of the Canadian Competition Act apply to “supply side” agreements only. They do not apply to “buy…