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Securities litigation


Meet the team

Our securities litigators have significant experience and regularly appear before all levels of courts and securities regulatory bodies across Canada. The depth of our experience and seamless integration across Canada and internationally allows us to respond swiftly, efficiently and strategically to complex litigation challenges relating to the capital markets, including in multiple jurisdictions.

We offer clients:  

  • Comprehensive class action experience – We have defended over fifteen different securities class actions in various provinces across Canada, including leading cross-border and secondary market liability cases. We have succeeded in achieving early dismissal of claims in various cases or achieved favourable settlements for our clients. We understand the importance of coordinating defence strategy across multiple jurisdictions to obtain the best result for clients.     
  • Extensive regulatory insight – We regularly act as counsel to several of Canada’s leading investment dealers, Canadian and foreign financial institutions and their employees in investigations and hearings by provincial securities regulatory authorities, IIROC, the MFDA and OSFI.  We are frequently retained to represent public companies and their officers and directors in investigations and enforcement proceedings by securities regulators, including in relation to public disclosure issues, audit and accounting issues, options backdating, insider trading and tipping. We have defended lawyers, law firms and accounting firms in investigations by the securities regulators, and in related enforcement and civil proceedings.  Some of our greatest successes - avoiding the institution of enforcement proceedings – remain confidential.
  • Multijurisdictional practice – Our securities litigation capabilities throughout Canada are supplemented by our securities litigation, enforcement and investigations practices in the United States, the United Kingdom and other financial centres. Canadian regulatory investigations increasingly involve regulators from other jurisdictions including the SEC, CFTC and FCA. For public companies listed on both Canadian and U.S. exchanges, cross-border securities class actions are common and require a coordinated defence strategy.  We offer clients strategic cross-border representation through a single team within the same firm. Our clients benefit from the experience of our lawyers, who have held senior positions in the Enforcement Branch and Office of the General Counsel at the Ontario Securities Commission and the Enforcement Branch of the U.S. Securities and Exchange Commission, and the U.S. Department of Justice.
  • Strategic thinking, focused on our client’s objectives – As advocates and advisors, we work closely with our clients to develop solutions that best fit their business goals. We help achieve early settlement when that is the right thing to do. We guide clients to alternative dispute resolution methods to prevent lengthy litigation when appropriate. However, we are always prepared to go to trial, and excel at managing complex, document-intensive, multi-party and multi-jurisdictional disputes.

Rankings and accolades

  • Chambers Canada, Litigation Firm of the Year, Chambers and Partners, 2018
  • Chambers Canada, Alberta: Litigation: General Commercial (Band 1), Chambers and Partners, 2018
  • Chambers Canada, Quebec: Litigation: General Commercial (Band 1), Chambers and Partners, 2018
  • Chambers Canada, Nationwide: Litigation: General Commercial, Chambers and Partners, 2018
  • Chambers Canada, British Columbia: Litigation: General Commercial, Chambers and Partners, 2018
  • Chambers Canada, Ontario: Litigation: General Commercial, Chambers and Partners, 2018
  • Chambers Global, Canada: Dispute Resolution, Chambers and Partners, 2017
  • Legal 500, Canada, Alberta: Dispute Resolution (Tier 1), The Legal 500, 2018
  • Legal 500, Canada, Quebec: Dispute Resolution (Tier 1), The Legal 500, 2018
  • Legal 500, Canada, Ontario: Dispute Resolution, The Legal 500, 2018
  • Legal 500, Canada, British Columbia: Dispute Resolution, The Legal 500, 2018

Select client work

  • Agrium (Special Committee) in its successful year-long proxy contest against JANA Partners. We have acted on over a dozen different proxy contests, including leading Canadian cases.
  • ArcelorMittal before the Ontario Securities Commission in a poison pill hearing relating to take over bids for Baffinland Iron Mines Corporation, and in a subsequent shareholders securities class action
  • BCE Inc. in its claim against a Canadian pension plan and two US investment firms for a C$1.2bn break fee with respect to their termination of a $52bn leveraged buyout of BCE.
  • BMO Nesbitt Burns Inc. in defending a proposed class action by unit holders of the Atlas Cold Storage Income Trust alleging overstatement of net earnings of the Trust.
  • Brookfield Asset Management in an Alberta class action alleging oppression, breach of good faith and negligent misrepresentation.
  • Canadian Oil Sands Limited board of directors in relation to Suncor Energy’s $6.6 billion acquisition of Canadian Oil Sands. On October 5, 2015, Suncor Energy (“Suncor”) commenced a hostile takeover bid for Canadian Oil Sands Limited (“COS”). The COS board engaged Norton Rose Fulbright Canada LLP to provide strategic advice, including with respect to a Suncor application to the Alberta Securities Commission to cease trade COS’ rights plans.
  • Nortel Networks in multiple shareholder class actions brought in Ontario, Quebec and British Columbia arising from Nortel’s restatement of financial results and earlier reduction in financial guidance, before the Ontario Securities Commission in a restatement related investigation and settlement hearing, and in multiple proceedings before the Ontario courts with respect to various multi-billion dollar complex, cross border insolvency and restructuring issues.
  • Research In Motion (now Blackberry) assisting one of the then co-CEOs in responding to threatened oppression and derivative litigation over the Company’s past stock option granting practices and before the Ontario Securities Commission.  
  • Resolute Forest Products Inc. in its C$130m hostile takeover of Fibrek, including successfully defending against various challenges before securities commissions and the courts related to a rival offer.
  • SNC-Lavalin Group Inc. in class actions in Ontario and Quebec for misrepresentation claims under statutory, secondary market civil liability provisions relating to alleged conduct contrary to anti-bribery laws.
  • TELUS in a successful proxy fight with Mason Capital related to TELUS' plan of arrangement to collapse its dual class share structure and Mason’s “empty voting” strategy.
  • Yamana Gold in its successful take-over bid for Osisko Mining and in responding to opposition from stakeholders alleging certain rights of first refusal.