The BC Court of Appeal unanimously dismissed the appeal of a decision denying leave for a class action to be commenced against Macdonald, Dettwiler and Associates Ltd. (MDA) based on the secondary market civil liability provisions of the BC Securities Act.
The case, Round v. MacDonald, Dettwiler & Associates Ltd., 2012 BCCA 456, is the first of its kind in British Columbia to consider the statutory cause of action relating to secondary market disclosure in the Securities Act and was the first in Canada to deny leave.
The BC Court of Appeal's decision is precedent-setting as it is the first Canadian appellate court decision to consider whether leave should be granted to commence a cause of action relating to disclosure in the secondary market.
Robert Anderson, QC, Teresa Tomchak, and Nicholas Hooge of Farris, Vaughan, Wills & Murphy LLP represented MDA in the BC Court of Appeal.
Anthony Merchant, QC, and Anthony Tibbs of Merchant Law Group LLP represented the appellant.