Analysis and reflections from Waddell Phillips lawyers.
The following article appeared in the Law Times on July 24, 2017. Visit the original article. Lawyers say a recent Ontario Superior Court decision spells out auditors’ liability to their clients’ clients. In Lavender v. Miller Bernstein, Justice Edward Belobaba sided with investors who brought a class action lawsuit against an accounting firm that had audited a now-defunct securities dealer, Buckingham Securities. The plaintiff said the accounting firm, Miller Bernstein, was liable for negligently signing off on reports that falsely said the dealer was in compliance with the Ontario Securities Commission’s requirements on segregation and minimum capital requirements. While the investors had never seen those reports, Belobaba ruled that the auditors had a duty of care to the investors.
The following interview aired on the CBC on July 14, 2017.
The following interview aired on CBC Radio on July 7, 2017.
As the Republican Congress in the U.S. puts its weight behind a bill that will require class plaintiffs and class members to suffer identical injuries, thereby severely restricting participation in class actions, Canadian courts have once again affirmed that class members and their representatives do not need to have identical claims.