SCC Rules on Threshold to Commence an Action Based on the Secondary Market Liability Regime

April 27, 2015

On April 17, 2015, the Supreme Court of Canada released its decision in Theratechnologies Inc. v. 121851 Canada inc., confirming that the "reasonable possibility" test provided for under section 225.4 of the Quebec Securities Act for authorization to commence an action under the new Quebec statutory secondary market liability regime and the leave test in similar regimes across Canada requires some credible evidence that there is a realistic chance that the plaintiff will succeed at trial.

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Authors

Sylvie Rodrigue, Andrew Gray, Geneviève Bertrand and Marie-Ève Gingras.