Pierre N. Gemson

The Court of Appeal for Ontario dismissed Binance's appeal from the certification of a class action brought by Canadian investors who purchased cryptocurrency derivatives through Binance.

The court upheld the motion judge’s finding that the claim disclosed reasonable causes of action under both the Securities Act and at common law, and that the requirements for certification under the Class Proceedings Act were met.

The court rejected Binance’s arguments regarding the statutory and common law causes of action, the commonality of issues, and the appropriateness of class-wide remedies, finding no reversible error in the motion judge’s analysis.

The appellant, Binance Holdings Limited, appealed a motion judge's order dismissing its motion for a stay of proceedings in favour of arbitration.

The underlying dispute involved a proposed class action by purchasers of cryptocurrency derivatives against Binance for alleged violations of the Ontario Securities Act.

The motion judge had found the arbitration clause void due to public policy and unconscionability, and that exceptions to the competence-competence principle applied, allowing the court to decide the validity of the arbitration clause.

The Court of Appeal dismissed the appeal, affirming the motion judge's decision that the arbitration clause was inaccessible and unconscionable, effectively insulating Binance from meaningful challenge, and that the court properly exercised jurisdiction over the validity of the arbitration agreement.

The plaintiffs sought certification of a class action against Binance for illegal sales of cryptocurrency derivative products without registration or prospectus, contrary to the Ontario Securities Act and common law.

The court granted certification, finding a recognizable cause of action, an identifiable class, and common issues suitable for class-wide determination, including liability and remedies like rescission and aggregate damages.

The court rejected the defendants' arguments regarding the mechanical impossibility of rescission and the unfeasibility of aggregate damages, noting a lack of factual basis for their claims of user-to-user contracts.

East West Investment Management Corporation sought an order to pay funds into court or a declaration that its continued management of funds for Thomas Higgins and the TRH Foundation did not contravene the Criminal Code, due to a risk that the funds might constitute proceeds of crime from a German tax fraud scheme involving Maple Bank.

The court, exercising its inherent and supervisory jurisdiction over trusts, granted the order allowing East West to pay CDN$4,398,168 into court, with the consent of the respondents, to mitigate East West's risk of liability under money laundering laws.

The plaintiffs brought a motion for court approval of four settlements totaling over $25 million with TD, RBC, Credit Suisse, and Deutsche Bank in a class action alleging price-fixing in the foreign exchange market.

The plaintiffs also sought approval of Class Counsel's fees of approximately $10.2 million.

The court found the settlements to be fair, reasonable, and in the best interests of the class, noting the significant litigation risks and the substantial results achieved.

The court also approved the requested Class Counsel fees, recognizing the risk undertaken and the successful outcome.

The plaintiffs brought a motion to certify the action as a class proceeding for settlement purposes against TD, RBC, Credit Suisse, and Deutsche Bank in a case alleging a conspiracy to fix prices in the futures exchange market.

The court found that the criteria for certification under section 5(1) of the Class Proceedings Act, 1992 were met and granted the motion, approving the settlement agreements and the plan of dissemination.

The Plaintiffs sought partial indemnity costs and disbursements totaling $1,391,715.45 following a successful, but partially limited, certification motion in a class action against several financial institutions.

The Defendants argued for a significant reduction, citing their substantial success in narrowing the class definition and potential double recovery from prior settlements.

The court awarded the Plaintiffs $700,000 in legal fees and HST, payable forthwith, and ordered disbursements of $468,705.06 payable in the cause.

The reduction in fees reflected the Defendants' success in streamlining the class action and reducing their potential liability, which the court deemed important for the integrity of the class actions regime and to discourage overambitious claims, without constituting a distributive costs award.

The plaintiffs, trustees of a pension fund, commenced a class action in Ontario and a similar one in Federal Court.

Settlements were reached with some defendants in the Federal Court action.

The plaintiffs sought court approval to discontinue the Ontario action, with prejudice and without costs, in favour of the Federal Court proceedings.

The court granted the motion, finding no prejudice to putative class members as their claims would continue in the Federal Court, and that discontinuing the Ontario action would avoid a multiplicity of proceedings.

The plaintiffs brought a motion for approval of a $5.47 million 'ice breaker' settlement with the Deutsche Bank defendants in two proposed class actions alleging price-fixing in the international gold and silver markets.

The court approved the settlement, finding it fair and reasonable despite the $1 billion damages claim, because the settlement amount was consistent with parallel U.S. settlements and the non-monetary cooperation from Deutsche Bank was of inestimable value.

The court also approved class counsel's request for an interim fee award of a 25% contingency fee plus disbursements, noting that such awards promote early settlement and lessen the financial burden on class counsel in complex conspiracy cases.

The plaintiffs brought a motion for an order approving a settlement reached with the defendants Morgan Stanley and Morgan Stanley Canada Limited in a class action alleging a conspiracy to fix prices in the foreign exchange market.

The settlement requires the settling defendants to pay USD$2.3 million and provide cooperation in the ongoing prosecution against the remaining defendants.

The court found the settlement to be fair, reasonable, and in the best interests of the class, noting it was in line with previously approved settlements in the proceeding.

The settlement and the previously approved distribution protocol were approved.

The plaintiffs in 42 class actions alleging price-fixing in the automotive parts industry sought judicial approval for 15 discrete settlements with Aisan, Bosch, Melco, and Omron defendants, totaling CDN$13,483,524.

The court also considered a motion to discontinue certain actions against Bosch and approved class counsel's contingency fees and disbursements.

The court found the settlements fair, reasonable, and in the best interests of the class, falling within a zone of reasonableness when compared to related U.S. settlements.

The plaintiffs in a class action alleging a price-fixing conspiracy in the foreign exchange market moved for approval of six settlements totaling $51.5 million.

The court reviewed the settlements in light of the estimated range of total damages, the litigation risks, and the value of the settling defendants' cooperation.

Finding the settlements to be fair, reasonable, and in the best interests of the class, the court approved the settlements.

The plaintiffs brought a proposed class action alleging that the defendant financial institutions conspired to fix prices in the foreign exchange (FX) market.

The plaintiffs reached settlement agreements with three groups of defendants (Goldman Sachs, JPMorgan, and Citi) totaling $39.25 million.

The plaintiffs moved for an order certifying the action as a class proceeding for settlement purposes against these settling defendants and approving the notice plan.

The court found that the criteria for certification under section 5 of the Class Proceedings Act, 1992 were satisfied and granted the order.