Ontario declines jurisdiction over #BP cross-border securities - TopicsExpress

Ontario declines jurisdiction over #BP cross-border securities class action - The Ontario Court of Appeal recently released a unanimous decision regarding multi-jurisdictional securities class actions that will be of considerable interest to public issuers in Canada and elsewhere. In Kaynes v BP, PLC,(1) an Ontario shareholder alleged that BP, PLC had made misrepresentations to its shareholders regarding, among other things, the extent of the 2010 Deepwater Horizon oil spill, which negatively affected the price of its shares. The Ontario plaintiff had purchased his shares on a foreign exchange, but received BPs financial disclosure in Ontario.

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