Quebec Court of Appeal Renders its First Decision on the Secondary Market Liability Regime

August 6, 2013

The Quebec Court of Appeal rendered its decision in Theratechnologies Inc. v. 121851 Canada Inc. on July 17, 2013. This is the Court of Appeal’s first ruling on Quebec’s secondary market liability regime since the adoption of those provisions in the Quebec Securities Act (“s. 225.4 of the QSA”) in 2007. The Court of Appeal upheld the Superior Court judgment authorizing the plaintiff to institute a class action against Theratechnologies Inc. pursuant to s. 225.4 of the QSA, addressing procedural elements of the secondary market liability regime.

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Written by Sylvie Rodrigue and Geneviève Bertrand. Commented on by Jim C. Tory and Andrew Gray.