The plaintiff brought a proposed global class action under the Class Proceedings Act, 1992 against a foreign holding company and its former employee, alleging misrepresentations in the secondary market regarding anti-money laundering compliance and Libor/Euribor manipulation.
The defendants brought a motion to dismiss or stay the action for lack of jurisdiction simpliciter or on the basis of forum non conveniens.
The plaintiff brought a cross-motion for a declaration that the corporate defendant was a 'responsible issuer' under the Securities Act.
The court found that the corporate defendant did not carry on business in Ontario and rebutted any presumptive connecting factors, concluding that the court lacked jurisdiction simpliciter.
Furthermore, the court held that even if jurisdiction existed, Ontario was forum non conveniens.
The statutory claims were dismissed and the common law claims were stayed.
