The plaintiffs sought leave under s. 138.8 of the Securities Act and certification under the Class Proceedings Act to bring an action against Manulife Financial Corporation and its former executives.
The plaintiffs alleged that the defendants misrepresented the adequacy of Manulife's risk management practices and failed to disclose its massive unhedged exposure to equity market risk prior to the 2008 financial crisis.
The court granted leave, finding a reasonable possibility of success at trial, and certified the action as a class proceeding, certifying seven common issues.
